Gold price started a fresh increase from the $1,772 support zone against the US Dollar. The price gained pace above the $1,780 resistance to move into a positive zone.
The pair even climbed above the $1,790 resistance and settled well above the 50 hourly simple moving average. It is now showing positive signs above the 50% Fib retracement level of the downward move from the $1,814 high to $1,773 low.
On the upside, the first major resistance is near $1,800 on FXOpen. The next main resistance could be near the $1,805 level, above which the price could start a steady increase towards the $1,815 level.
On the downside, an immediate support is near the $1,788 level. The next major support is near the $1,785 level, below which the price might decline towards the $1,780 support level in the near term. Any more losses might call for a test of $1,772.
