Gold price found support near $1,880 and it started a fresh increase against the US Dollar. The price climbed above the $1,895 resistance zone to move into a positive zone.
There was a clear break above a major declining channel with resistance near the $1,894 on the hourly chart. It even cleared the $1,900 resistance and settled well above the 50 hourly simple moving average.
It is now approaching the $1,912 resistance zone. A clear upside break above the $1,912 level could open the doors for more gains. The next major resistance is near $1,925 on FXOpen. The next major resistance is near the $1,940 level.
On the downside, an initial support is near the $1,905 level. The main support is near the $1,895 level and the 50 hourly simple moving average, where the bulls are likely to remain active.
