Gold price started a strong rally from the $1,480 support area against the US Dollar. The price surged higher and broke many hurdles near the $1,492 and $1,500 levels.
It is now trading above the $1,510 level on FXOpen and the 50 hourly simple moving average. The last swing high was formed near $1,516 before the price started a downside correction.
The pair is now trading with a positive angle and it seems like there is another breakout pattern forming with resistance near $1,516 on the hourly chart. A clear break above $1,516 and $1,520 could set the pace for more gains.
On the downside, an initial support is near the $1,512 level and a bullish trend line. If the price fails to stay above $1,512, it might decline towards the $1,500 support. An intermediate support is $1,510 and the 50 hourly SMA.
