Gold price found support near $1,765 and started a fresh increase against the US Dollar. The price was able to surpass the $1,780 and $1,785 resistance levels.
There was a break above the $1,800 level and the 50 hourly simple moving average. The price traded as high as $1,813 and it is now correcting lower. On the downside, there is a major bullish trend line forming with support near $1,792 on the hourly chart.
The next key support is near the $1,780 level and the 50 hourly simple moving average, below which the price could revisit $1,765. Any more losses could lead the price to $1,750 on FXOpen.
On the upside, an immediate resistance is near the $1,800 level. A clear break above the $1,800 resistance could push the price further higher. The next main resistance could be near the $1,815 level.
