Gold price started a decent increase from the $1,680 zone against the US Dollar. The price traded above the $1,700 resistance to move into a positive zone.
It settled above the $1,710 level and the 50 hourly simple moving average. An immediate resistance on the upside is near the $1,730 level. The first major resistance is near the $1,735 level.
The next main resistance could be near the $1,740 level, above which the price could start another steady increase. In the stated case, it could rise towards $1,765 on FXOpen.
On the downside, there is a key support near the $1,720 level and a connecting bearish trend line on the hourly chart. The next major support is near the $1,715 level, below which the price might decline towards the $1,700 support level in the near term.
