Gold Price Moved into a Short-Term Negative Zone Below $1,820

Technical analysis of Forex market

Gold price failed to clear the $1,830 resistance and corrected lower against the US Dollar. The price broke the $1,820 support level to move into a short-term negative zone.

Besides, there was a break below the $1,815 level and the 50 hourly simple moving average. However, the bulls are now protecting the $1,812 support zone. It is now rising and approaching the $1,820 resistance zone.

On the upside, the price is facing resistance near the $1,822 level. There is also a key bearish trend line with resistance near $1,822 on the same chart. The next main resistance could be near the $1,830 level, above which the price could rise towards the $1,842 level.

An initial support on the downside is near the $1,815 level, below which there is a risk of more downsides. In the stated case, the price could test $1,800 on FXOpen.