Gold price started a fresh rally above the $1,880 resistance against the US Dollar. The price cleared a major hurdle near $1,950 and the 50 hourly simple moving average.
The price even broke the $1,980 resistance and traded as high as $1,990 high. It is now consolidating gains, with an immediate resistance on the upside near the $1,990 level.
The first major resistance is near the $1,992 level. The next main resistance could be near the $2,000 zone, above which the price could extend its rally towards the $2,040 level. Any more gains might send the price towards $2,050 on FXOpen.
On the downside, an immediate support is near the $1,965 level. The next major support is near the $1,950 level, below which the price might decline towards the $1,935 support level and the 50 hourly simple moving average.
