Gold price started another decline from the $1,982 zone against the US Dollar. The price traded below the $1,955 level to move further into a bearish zone.
There was a clear move below the $1,950 level and the 50-hour simple moving average. A low was formed near $1,936 before the price is now consolidating losses. The bulls are now facing resistance near a connecting bearish trend line at $1,948 on the hourly chart.
The next main resistance could be near the $1,955 level, above which the price could rise toward the $1,967 level. Any more gains might send the price toward $1,982.
On the downside, immediate support is near the $1,938 level. The next major support is near the $1,932 level, below which the price might decline toward the $1,920 support level in the near term.
