The price of gold has ceased to decline after reaching 1280 dollars per troy ounce. Now the quotes of metal have overcome the resistance level at $ 1,300 per troy ounce and in case of fixing above this mark will continue the upward movement with the closest targets in the area of 1815-1820.
The reason for the growth of prices for metal have become the weakening of the U.S. dollar and the fall on stock markets. Prices are also supported by the statement of the Central Bank of India regarding removal of certain restrictions on gold imports. At the same time, demand for gold in Asia remains quite weak.
We keep medium and long term positive outlook and recommend buying gold.
Wish you the profits!
FXFINPRO Capital Analytical department.