Gold Price In A Strong Bullish Path Above The $1,980 Level

Technical analysis of Forex market

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.

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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.