Gold price traded as low as $1,669 before starting a fresh increase against the US Dollar. The price broke the $1,675 and $1,680 resistance levels to start the current upward move.
The price traded above the $1,695 level and the 50 hourly simple moving average. However, it is currently facing hurdles near the $1,700 level on FXOpen and a connecting bearish trend line on the hourly chart.
The 61.8% Fib retracement level of the last decline from the $1,721 high to $1,669 low is also acting as a major hurdle. A clear break above the $1,700 resistance is must for a move towards the $1,720 resistance zone.
Conversely, there could be a fresh decline below the $1,695 level. On the downside, the $1,688 support must hold. If not, there is a risk of a drop towards the $1,675 level.
