Gold price remained well bid above the $1,480 support area and recently climbed higher against the US Dollar. The price broke the key $1,500 resistance area to move into a positive zone.

Moreover, there was a close above the $1,500 level and the 50 hourly simple moving average. The price traded as high as $1,515 and it is currently consolidating gains above the $1,500 pivot area

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On the downside, there are many supports near $1,508 and $1,505. There is also a connecting bullish trend line forming with support near $1,510 on the hourly chart. The main support is near the $1,508 level and the 50 hourly SMA.

If there is a downside break below $1,508 and $1,505, the price could even correct below the $1,500 support area. Conversely, a break above the $1,515 resistance zone could set the pace for more gains.

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