Gold price started a major increase above the $1,950 resistance against the US Dollar. The price broke the $1,980 resistance level to move further into a positive zone.
The rally even extended above $1,995 and the 50 hourly simple moving average. The price tested a major hurdle at $2,000 and currently consolidating gains. An initial support on the downside is near the $1,985 level.
The next major support is near $1,872 and a connecting bullish trend line on the hourly chart, below which the bears might gain strength. In the stated case, the price could start a steady decline towards $1,850 on FXOpen.
On the upside, the price is facing resistance near the $1,995 level. The next main resistance could be near the $2,000 level, above which the price could start another steady increase. In the stated case, it could rise towards $2,050.
