Gold price bounced back from the $1,758 and $1,760 support levels against the US Dollar. The price settled above the $1,770 level on FXOpen and it is currently trading in a positive zone.
A high was formed near $1,779 before the price corrected lower. It is now trading above the $1,772 support level and the 50 hourly simple moving average. More importantly, it seems like there is a bullish flag forming with resistance near $1,775 on the hourly chart.
If gold price breaks the flag resistance, it could continue to rise. The next key resistance is near the $1,780 level, followed by the $1,785 pivot level.
Conversely, the price might resume its decline below the $1,772 and $1,770 support levels. In the mentioned case, it could revisit the $1,760 support zone in the coming sessions.
