Gold Price Started A Fresh Increase Above $1,880
Gold price started a fresh increase above the $1,880 resistance against the US Dollar. The price even broke the main $1,900 resistance zone to move into a positive zone.
There was also a close above the $1,910 level and the 50 hourly simple moving average. A high is formed near $1,925 on FXOpen and the price is currently showing signs of more upsides. If there is a downside correction, an initial support is near the $1,915 level.
There is also a major bullish trend line forming with support near $1,900 on the hourly chart. As long as the price is above the trend line support and $1,910, there are chances of a steady increase.
On the upside, the $1,925 level is a short-term hurdle. A clear break above the $1,925 and $1,928 resistance levels could open the doors for a strong increase towards the $1,950 level.
Reprinted from ActionForex，the copyright all reserved by the original author.
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