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Price of spot gold to climb to $1,245 per ounce

Price of spot gold to climb to $1,245 per ounce

SINGAPORE: The price of spot gold is likely to increase to $1,245 per ounce from $1,222 as the global economic outlook continued to worry investors.

The upcoming resistance will be at $1,245, the 38.2 percent retracement, a break above which will open the way towards $1,264, the 50 per cent retracement. Based on the bullish momentum that drives the current rise, there might not any pullback towards $1,222, now a support.