The price of gold jumped to $1729 yesterday due to the weak dollar. The dollar managed to consolidate and begin recovery, and thus gold began to retreat. The price of gold dropped very quickly to the $1,720 level. The strong dollar pressured the price even more and is now at the $1706 level. Yesterday's high coincides with the 61.8% Fibonacci level, and based on the current state of the chart, we will look for support at the 38.2% Fibonacci level, $1690.
