Gold price started a strong upward move after a successful close above $1,900 against the US Dollar. The price cleared the $1,920 resistance zone to move into a positive zone.
The price even broke the $1,940 resistance and settled well above the 50 hourly simple moving average. It is currently consolidating gains and attempting an upside break above the $1,960 resistance zone.
A clear break above the $1,960 resistance zone could open the doors for more upsides towards the $1,975 and $1,980 levels on FXOpen. The next major resistance is near the $1,988 level.
On the downside, there is a key bullish trend line forming with support near $1,945 on the hourly chart. A clear bearish break below the trend line support could lead the price towards the $1,925 support or even $1,920 in the near term.
