Gold price found support near $1,680 and started a fresh increase against the US Dollar. The price climbed above the $1,700 and $1,710 resistance levels to move into a positive zone.
The pair even climbed above $1,725 and traded as high as $1,736 on FXOpen. It is now correcting lower and trading below the $1,730 level. On the downside, there is a key support forming near $1,720. There is also a major bullish trend line forming with support near $1,722 on the hourly chart.
If there is a downside break below the trend line, the price could decline towards the $1,712 support and 50 hourly simple moving average.
On the upside, the price is facing resistance near the $1,735 level. A clear break above $1,735 might open the doors for a move towards $1,750 in the near term.
