Gold price declined heavily from well above the $1,800 level against the US Dollar. The price traded as low as $1,679 before it started an upside correction.
The price is slowly rising and it broke the $1,750 resistance. There was also a close above the $1,765 level and the 50 hourly simple moving average. It is now testing the $1,780 resistance zone.
A clear break above the $1,780 resistance could push the price further higher. The next main resistance is now forming near the $1,800 level, above which the price is likely to accelerate higher in the near term.
On the downside, there is a decent support on FXOpen forming near the $1,765 level. There is also a key bullish trend line forming with support near $1,765 on the hourly chart, below which the price could revisit $1,750.
