Gold Price Broke The $1,820 Level To Move Into A Positive Zone

Technical analysis of Forex market

Gold price started a steady increase above the $1,800 resistance against the US Dollar. The price even traded above the $1,820 level to move into a positive zone.

There was also a close above the $1,825 level and the 50 hourly simple moving average. However, the price seems to be facing a strong resistance near the $1,845 and $1,850 levels. Recently, there was a minor downside correction below $1,840 on FXOpen and a connecting bullish trend line on the hourly chart.

The price tested the $1,830 level and it is currently rising. However, the same trend line and $1,840 are preventing more upsides. To continue higher, the price must clear $1,840 and $1,850 in the coming sessions.

Conversely, gold price might start a fresh decline below $1,830 and $1,825. The next major support is near the $1,805 level, below which the price could dive towards $1,780.