Gold price started a fresh upward move from the $1,615 zone against the US Dollar. The price climbed above the $1,645 resistance zone to move into a positive zone.
The pair even climbed above the $1,660 level and the 50 hourly simple moving average. A high was formed near $1,675 before the price corrected gains. On the downside, the price now trading near a bullish trend line with support at $1,662 on the hourly chart.
The next major support is near the $1,658 level, below which the price might decline towards the $1,650 support level in the near term. Any more losses might call for a test of $1,632 on FXOpen.
On the upside, the first major resistance is near the $1,672 level. The next main resistance could be near the $1,675 level, above which the price could start another steady increase.
