Gold price started a fresh increase from the $1,950 pivot level against the US Dollar. The price broke the $1,965 resistance zone to move into a short-term bullish zone.
There was a move above a key bearish trend line with resistance near $1,975 on the hourly chart. The price even climbed above the $1,980 and settled above the 50 hourly simple moving average. It is now trading near the $1,985 level and consolidating gains.
An immediate resistance is near the $1,988 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 $2,025.
If not, the price could decline below $1,980 on FXOpen. The next major support is near the $1,965 level, below which the price might decline towards the $1,950 support level in the near term.
