Gold price started a downside correction from well above $2,050 against the US Dollar. The price broke the $2,020 support level to enter a short-term bearish zone.
The price even declined below $2,000 and the 50 hourly simple moving average. It traded as low as $1,958 and is currently consolidating losses. On the upside, the price is facing resistance near the $1,980 level.
The next main resistance could be near the $2,000 level, above which the price could start another steady increase. In the stated case, it could rise towards $2,050 on FXOpens.
If not, there could be a fresh decline below $1,970. The next major support is near the $1,960 level, below which the bears might gain strength. In the stated case, the price could even decline below the $1,950 support level in the near term.
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