Gold price started a major increase above the $1,835 resistance against the US Dollar. The price broke the $1,850 resistance level to move into a bullish zone.
Besides, there was a break above $1,860 and the 50 hourly simple moving average. The price traded as high as $1,865 and is currently correcting lower. An initial support on the downside is near the $1,848 level.
The next major support is near $1,840, below which the bears might gain strength. In the stated case, the price could start a steady decline towards $1,825 on FXOpen.
On the upside, the price is facing resistance near the $1,860 level. The next main resistance could be near the $1,865 level, above which the price could rise towards the $1,880 level. Any more gains might open the doors for a move to $1,900.
