Spot gold continued to rise in early trading in Asia on Monday, with gold prices just breaking the $1730 / oz mark. Economies.com wrote an article to analyze the future trend of gold prices.
Gold edged higher on Friday as a slight decline in the dollar and a weaker stock market offset rising pressure on Treasury yields. Spot gold closed at $1726.96 an ounce, up $4.51, or 0.26%.
'Gold found solid support at the $1700.00 / oz mark on Friday and rebounded significantly, 'Economies.com wrote in the article. At present, the price of gold has reached 1724.00 US dollars per ounce, suggesting that the price of gold is expected to rise further.
Spot four-hour chart
Economies.com pointed out that if gold prices break through $1735.00 / oz, this will push gold prices to continue to rise and rise to the next target of $1765.00 / oz.
According to the Economies.com, if gold falls from the $1724.00 / oz region, it will put pressure on gold and return to bearish trajectory, with the first target at $1692.00 / oz.
