Gold price started an upside correction from the $1,550 support area against the US Dollar. The price recovered above the $1,555 and $1,560 resistance levels.
Moreover, there was a close above the $1,565 level and the 50 hourly simple moving average. The price traded as high as $1,576 on FXOpen and it is currently correcting lower.
On the downside, an initial support is near the $1,568 level or the 50% Fib retracement level of the recent wave from the $1,560 low to $1,576 high. Moreover, there is a key bullish trend line forming with support near $1,566 and the 50 SMA on the hourly chart.
A downside break below the $1,565 and $1,560 supports could lead the price back towards the $1,550 support area. On the upside, the main hurdles are near the $1,575 and $1,580 levels. If there is a clear break above the $1,580 barrier, gold price could retest $1,600.
