Gold Price Moved into a Short-Term Negative Zone Below $1,825

Technical analysis of Forex market

Gold price failed to clear the $1,850 resistance and corrected lower against the US Dollar. The price broke the $1,825 support level to move into a short-term negative zone.

Besides, there was a break below the $1,800 level and the 50 hourly simple moving average. However, the bulls are now protecting the $1,780 support zone. An immediate resistance on the upside is near the $1,795 level.

There is also a key bearish trend line with resistance near $1,795 on the hourly chart. The next main resistance could be near the $1,800 level, above which the price could rise towards the $1,820 level.

An initial support on the downside is near the $1,780 level, below which there is a risk of more downsides. In the stated case, the price could start a steady decline towards $1,750 on FXOpen.