Gold Price Correcting Lower and Trading Below $1,730 Level

Gold price found support near $ 1,680 and started a fresh increase against the US Dollar. The price climbed above the $ 1,700 and $ 1,710 resistance levels to move into a positive zone.

The pair even climbed above $ 1,725 and traded as high as $ 1,736 on FXOpen. It is now correcting lower and trading below the $ 1,730 level. On the downside, there is a key support forming near $ 1,720. There is also a major bullish trend line forming with support near $ 1,722 on the hourly chart.

If there is a downside break below the trend line, the price could decline towards the $ 1,712 support and 50 hourly simple moving average.

On the upside, the price is facing resistance near the $ 1,735 level. A clear break above $ 1,735 might open the doors for a move towards $ 1,750 in the near term.