Gold price found support near the $1,750 zone and it started a fresh increase against the US Dollar. The price broke the $1,765 resistance zone to move into a short-term positive zone.
There was a clear break above the $1,780 level and 50 hourly simple moving average. The price traded as high as $1,795 and it is now consolidating gains. On the downside, there is a key bullish trend line forming with support near $1,785 on the hourly chart.
On the upside, an initial resistance is near the $1,795 level. The 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, an initial support is near the $1,785 level. The next major support is near the $1,765 level, below which the price is likely to extend its decline towards $1,750 on FXOpen.
