Gold Price Started A Fresh Increase From The $1,837 Low

Gold price remained in a broad range above the $1,820 support against the US Dollar. Recently, the price started a fresh increase from the $1,837 low and climbed above $1,850.

The price even traded above $1,855, but it seems to be facing a major resistance near $1,860. There is also a key bearish trend line forming with resistance near $1,862 on the hourly chart.

The 50 hourly simple moving average is also near the $1,862 level to act as a major hurdle. If the price breaks the trend line resistance, there are high chances of a move towards the $1,875 and $1,880 resistance levels.

Conversely, the price might decline back below $1,840 on FXOpen. Initial support is near the $1,835 level. The main support is still near $1,820, below which the gold price might dive towards $1,800.

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