Gold price recently started an upside correction from the $1,445 support area against the US Dollar. The price recovered above the $1,460 resistance area to move into a short-term positive zone.
However, the price struggled to climb above the $1,475 resistance area. As a result, there was a fresh decline below the $1,470 level. The price even tested the $1,462 level on FXOpen and settled below the 50 hourly simple moving average.
On the downside, there is a key support forming near the $1,465 and $1,462 levels. Moreover, there is a key bullish trend line forming with support near the $1,465 level.
Therefore, if there is a downside break below $1,465 and $1,462, the price could continue to move down towards the $1,450 level. Conversely, the bulls need to gain momentum above the $1,470 and $1,475 resistance levels to rise towards the $1,500 resistance.
