The price of gold was able to overcome the $ 1300 mark per ounce the other day. The current week may become very important for further pricing of the precious metal. It is worth recalling that last Friday the price of gold exceeded the psychologically important level of $ 1,300 per ounce. Yesterday, gold reached a mark of $ 1,315 per ounce. Now, the level of resistance for further growth will mark in $ 1320 per ounce. It was this cost that was fixed in March and April of this year. Gold still has upside potential. According to analysts, the yellow precious metal can grow in the near future to $ 1325 per ounce, but then you should count on the next correction.
The decisive resistance level for the price of gold in the coming weeks and even months will be $ 1,350 and $ 1,370 per ounce. If the yellow precious metal can overcome them and confidently consolidate higher, then this will be an important stage for gold, since large institutional investors can reconsider their attitude to this asset.
From a fundamental point of view, the trade conflict between the United States and China will be the deciding factor in the pricing of gold. Currently there are no prerequisites for its speedy completion. This week, investors will expect the publication of statistics on the US labor market. The official data for the month of May on the labor market will be published by the US government this Friday.
A meeting of the European Central Bank (ECB) will take place this Thursday. It is possible that the outcome of the meeting will be able to give the gold market some impulses to change the value.