The price of gold has continued rapid growth after breaking the upper limit of the upward channel, overcoming the level of $ 1300 per troy ounce and reached three-month maximum.
It should be noted that with increasing uncertainty about the future prospects of growth on stock markets of the world the demand for gold within investors’ society is growing. Among the negative factors that affect the price dynamics of the metal in the long run are the record volumes of gold production in the world.
From a technical point of view, for the continued growth, the price needs to gain a foothold above 1300 dollars per troy ounce, moreover at the level of around 1310 is located a horizontal resistance line. The probability of correction is still high. The closest targets in case of reduction will be at the levels 1290 and 1275 dollars per troy ounce.
Wish you the profits!
FXFINPRO Capital Analytical department.