Gold Price Faces Hurdles

Gold price declined from the $1,850 resistance zone.

Important Takeaways for Gold

· Gold price started a strong decline below the $1,832 level against the US Dollar.

· A key bearish trend line is forming with resistance near $1,835 on the hourly chart of gold.

Gold Price Technical Analysis

Gold price struggled to clear the $1,850 resistance against the US Dollar. The price started a strong decline and traded below the $1,832 support zone.

The bears even pushed the price below $1,825 and the 50 hourly simple moving average. The price traded below the $1,820 level. A low is formed near $1,817 on FXOpen and the price is now consolidating losses. On the upside, an immediate resistance is near the $1,828 level or the 50 hourly simple moving average.

Gold Price Hourly Chart

The stated level is near the 38.2% Fib retracement level of the downward move from the $1,846 swing high to $1,817 low. The next key hurdle is near the $1,832 level.

There is also a key bearish trend line is forming with resistance near $1,835 on the hourly chart of gold. The trend line is near the 50% Fib retracement level of the downward move from the $1,846 swing high to $1,817 low.

A clear upside break above the $1,835 resistance could send the price towards $1,850. If there is no upside break, the price might correct lower.

An immediate support on the downside is near the $1,820 level. The next major support is near the $1,812 level, below which there is a risk of a larger decline. In the stated case, the price could decline sharply towards the $1,800 support zone.

Disclaimer: This Forecast represents FXOpen Companies opinion only, it should not be construed as an offer, invitation or recommendation in respect to FXOpen Companies products and services or as Financial Advice.
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