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Gold Price Following a Bullish Trend Line with Support at $1,807

Gold price remained in a positive zone, but it struggled to clear the $1,811 level against the US Dollar. The price traded as low as $1,795 recently and started a fresh increase.

It is now following a bullish trend line with support at $1,807 on the hourly chart. Below the trend line, the 50 hourly simple moving average might act as a support near the $1,805 level on FXOpen.

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If gold price breaks the trend line support and settles below the 50 hourly SMA, there is a risk of a sharp decline towards the $1,795 and $1,790 levels in the near term.

Conversely, the price might resume its upward move above the $1,811 and $1,812 resistance levels. In the mentioned case, the bulls are likely to aim a test of $1,820 in the near term.