Gold could test $1,300 per ounce in the coming weeks, technical analysis shows.
Gold prices recently found a nice bottom again around $1,180 an ounce. Notice that the precious metal's price breached resistance at $1,220 an ounce last week. That's the same level we mentioned recently in our weekly commentary.
Gold's price should remain buoyant, and we could see further upside toward $1,250 this week and potentially $1,300 in coming weeks.
The market looks to have enough momentum to trade $50 to $100 higher in a short time. That would take gold's price toward $1,300 an ounce.
As long as gold trades above the recent lows around $1,180 an ounce, traders can look to buy on weakness.
