Gold price started a strong increase above $1,715 resistance area against the US Dollar. The price broke the $1,720 and $1,735 resistance levels to continue higher.

The price is currently trading nicely above the $1,735 level and 50 hourly simple moving average. It traded as high as $1,741 on FXOpen and currently consolidating gains.

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On the downside, there is a decent support forming near the $1,735 level, a key bullish trend line on the hourly chart, and the 50% Fib retracement level of the upward move from the $1,727 low to $1,741 high.

If there are more gains, the price could rise further above the $1,745 resistance zone. The next major hurdle is near the $1,750 level. Any further gains could lead the price towards the $1,765 swing high. Conversely, a break below $1,735 might call for a test of $1,720.


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