Gold price formed a base above the $1,740 level after a major decline against the US Dollar. The price traded as low as $1,737 and recently started an upside correction.
There was a break above the $1,750 level and the 50 hourly simple moving average. Besides, there was a clear break above a key bearish trend line at $1,752 on the hourly chart.
On the upside, an immediate resistance is near the $1,762 level. A clear break above the $1,762 resistance could push the price further higher. The next main resistance could be $1,780, followed by $1,788 on FXOpen.
On the downside, an immediate support is near the $1,755 and the 50 hourly simple moving average. The next key support is near the $1,750 level, below which the price could revisit $1,740. Any more losses could lead the price to $1,725.
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