Gold price followed a strong bullish path above the $1,950 level against the US Dollar. The price even surged above $1,960 and traded to a new all-time high above the $1,980 level.
The price is currently consolidating gains above the $1,965 and $1,960 support levels on FXOpen. There is also a key connecting bullish trend line forming with support near $1,965 on the hourly chart along with the 50 hourly simple moving average.
On the upside, the price is facing hurdles near $1,980 and $1,985. A successful break above the $1,985 resistance might open the doors for a push towards the $2,000 level.
Conversely, the price might continue to correct lower below the $1,965 support. The next major support on the downside is near the $1,950 level, where the bulls are likely to take a stand in the near term.