Gold price found support near $1,757 and attempted a fresh increase against the US Dollar. The price climbed above the $1,765 and it is now forming a new support base.
There was a break above a connecting bearish trend line with resistance near $1,770 on the hourly chart. The price is rising above $1,770, but it is facing resistance near the 50 hourly simple moving average.
A clear break above the 50 hourly SMA and $1,775 might open the doors for a move towards $1,785 in the near term. The next major resistance is near the $1,800 level.
If not, there could be a fresh test of the $1,765 support on FXOpen. A downside break below the $1,765 support might call for a nasty decline in the near term. The next major support is near the $1,750 level.
