The spot price of gold opened the new week above $1,750: for lovers of statistics this was the highest opening bell since November 2012. The price is now slightly declining against a recovery on stocks. Despite this, the main trend remains supportive and the price still tests the resistance area at $1,750-$1,760. In an uncertain scenario, traders often feel the need to increase the proportion of gold within their portfolio, using it as a hedge against a stock market correction.
Technically a clear breakup of the previous high in May would open space for a further rally, while on the other side the price is expected to find support firstly at $1,741 and later at $1,730.
