Gold price found support near $1,722 and started a fresh increase against the US Dollar. The price was able to surpass the $1,735 and $1,740 resistance levels.
There was a break above the $1,750 level and the 50 hourly simple moving average. The price traded as high as $1,765 and it is now correcting lower. On the downside, there is a key rising channel forming with support near $1,755 on the hourly chart.
The next key support is near the $1,748 level and the 50 hourly simple moving average, below which the price could revisit $1,732. Any more losses could lead the price to $1,722 on FXOpen.
On the upside, an immediate resistance is near the $1,765 level. A clear break above the $1,765 resistance could push the price further higher. The next main resistance could be near the $1,785 level.
