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Gold Price Outlook: There Is A Key Bullish Trend Line With Support Near $1,785

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.

 

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