Gold price is holding the main $1,460 support area against the US Dollar. The price traded as low as $1,461 and it recently started an upside correction above the $1,465 level.
It is now trading above the $1,470 level and the 50 hourly simple moving average. Moreover, the price climbed above the 50% Fib retracement level of the last decline from the $1,486 high to $1,461 low on FXOpen.
On the upside, there is a strong resistance forming near the $1,478 and $1,480 levels. If there is an upside break above $1,480, the price could continue to rise towards $1,485 or $1,488.
On the downside, an initial support is near the $1,472 level and a connecting bullish trend line on the hourly chart. If the price fails to stay above $1,472, it might correct lower towards the $1,465 support.
