Gold price gained momentum recently after forming a support base near $1,305 against the US Dollar. The price rallied above the $1,310 resistance to move into a bullish zone.
The upward move was strong as the price even broke the $1,320 resistance and the 50 hourly simple moving average. Besides, there was a break above a connecting resistance trend line at $1,321 on the hourly chart.
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The price traded as high as $1,325 and it may correct in the short term. There is a decent support formed near the $1,321 level and the 23.6% Fib retracement level of the recent wave from the $1,314 low to $1,325 high.
The current price action is positive and it seems like dips remain supported above $1,320. On the upside, a break above the $1,325 resistance could push the price towards $1,330.
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