On the hourly chart of Gold at FXOpen, the price started a decent increase from the 1,913 zone against the US Dollar. The price climbed above the $1,940 resistance and the 50-hour simple moving average.
However, bears appeared near $1,962. The price started a downside correction below a connecting bullish trend line with support at $1,958. On the downside, immediate support is near the $1,955 level.
The next major barrier is near the $1,940 level, below which the price might drop toward $1,930. Any more losses may set the tone for a test of the $1,913 zone.
On the upside, the price seems to be facing resistance near $1,962. The next major barrier is near the $1,970 level. A clear move above $1,970 could send the price toward the $1,980 resistance.
