Gold price started a strong upward move above the $1,705 resistance area against the US Dollar. The price broke the $1,725 and $1,730 resistance levels to move further into a positive zone.
The price even traded above the $1,750 level and settled well above the 50 hourly simple moving average. It traded as high as $1,764 on FXOpen and currently correcting lower.
On the downside, there is a strong support forming near the $1,752 level, a connecting bullish trend line on the hourly chart, and the 50% Fib retracement level of the recent rise from the $1,740 low to $1,764 high.
As long as the price is above the $1,752 and $1,750 support levels, there are chances of more gains. A clear break above the $1,765 zone could open the doors for a push towards the $1,780 and $1,785 levels in the near term.
