Gold price is following a nice bullish path above the $1,555 and $1,560 resistance levels against the US Dollar. The price surged above the $1,580 level and recently traded as high as $1,588.
It is currently correcting lower below $1,585, but it is still well above the 50 hourly simple moving average. An initial support is near the $1,575 level (the recent breakout zone and the weekend gap area).
If the price fails to stay above the $1,575 support on FXOpen, it could continue to move down towards the $1,565 support and the 50 hourly simple moving average.
On the upside, the main hurdles are near the $1,585 and $1,588 levels. If there is a clear break above the $1,588 swing high, gold price is likely to accelerate gains. In the mentioned case, it may perhaps revisit the $1,600 leve
