Specifically, the spot gold price was trading at 1,932.2 USD/ounce, up 7.1 USD. Gold for August futures was last traded at $1,937.2 per ounce, up $6.2 from dawn the previous day.
Meanwhile, according to Michael Boutros, senior technical strategist at Forex.com (online forex broker), gold can only break its downtrend when it rises above 1943/oz.
Conversely, if the gold price sustains below $1,943 per ounce, it is likely to plummet to $1,891 per ounce, or even plummet to $1,830 per ounce.