Gold price stayed nicely above the $1,450 support area against the US Dollar. The price made a nice upward move above the $1,458 resistance area, but it struggled to gain strength above $1,465.
A high was formed near the $1,466 level on FXOpen and the price declined recently towards the 50 hourly simple moving average. It is currently trading above the $1,458 support area and the 50 hourly SMA.
Besides, the 61.8% Fib retracement level of the last wave from the $1,452 low to $1,466 high is also near the $1,458 level to provide support. If there is a downside break below $1,458, the price could revisit the $1,450 support area.
On the upside, there is a major resistance forming near the $1,465 and $1,465 levels, above which gold price is likely to accelerate towards the $1,480 level.
