On the hourly chart at FXOpen, Gold price started a downside correction from the $2,030 zone against the US Dollar. The price fell below the $2,015 level to move into a short-term bearish zone.
There was a clear move below the $2,005 level and the 50-hour simple moving average. It is now consolidating losses, with immediate resistance on the upside near a bearish trendline at $2,005.
The next important resistance could be near the 50-hour simple moving average at $2,015, above which the price could extend its rally towards the $2,030 level. Any more gains might send the price toward $2,050.
On the downside, immediate support is near the $1,990 level. The next major support is near the $1,975 level, below which the price might decline toward the $1,950 support level in the near term.
