HomeContributorsTechnical AnalysisGold Price Currently Consolidating Gains Near $1,810

Gold Price Currently Consolidating Gains Near $1,810

Gold price started a fresh increase from the $1,740 support zone against the US Dollar. The price gained pace above the $1,780 resistance to move into a positive zone.

The pair even climbed above the $1,800 resistance and settled well above the 50 hourly simple moving average. It traded as high as $1,810 and is currently consolidating gains. On the downside, the price is holding the $1,805 support zone.

The next major support is near the $1,798 level and a connecting bullish trend line on the hourly chart, below which the price might decline towards the $1,790 support level in the near term. Any more losses might call for a test of $1,780 on FXOpen.

On the upside, the first major resistance is near the $1,810 level. The next main resistance could be near the $1,818 level, above which the price could start a steady increase towards the $1,825 level.

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