Gold price found support near $1,725 and started a fresh increase against the US Dollar. The price climbed above the $1,740 and $1,750 resistance levels to move into a positive zone.
The pair even climbed above $1,775 and settled nicely above the 50 hourly simple moving average. A high is formed near $1,783 and the pair is now consolidating gains. There is also a connecting bullish trend line forming with support near $1,774 on the hourly chart.
If there is a downside break below the trend line, the price could decline towards the $1,768 support or towards the 50 hourly simple moving average at $1,764 on FXOpen.
On the upside, the price is facing resistance near the $1,780 level. A clear break above $1,780 might open the doors for a move towards $1,800 in the near term
Written by Admin
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