We at FxWirePro are gold bugs. Any regular reader would know that we have been bullish on gold since $1060/troy ounce. Initially, we have been calling for short-term bulls calls and extending it, however as time went by we became more excited and have remained bull in most part of gold’s bull-ride from $1040 to $1350.
Anyone who missed our previous assessments can read some of them here, (laid out chronically)
http://www.econotimes.com/FxWirePro-Gold-outlook-%E2%80%93-consolidation-at-key-area-121643
http://www.econotimes.com/FxWirePro-Longer-term-outlook-Extending-Gold-target-1670-area-172962
As you can see, we expect gold to reach $1670 area in the medium to longer term but current price actions and fundamentals have given us enough confidence that current base made by the bulls around $1200 area will be sufficient to push gold higher, towards $1500 area.
The current level of uncertainties, slower than expected rate hikes from Fed, Possibility of a British exit from the European Union and the future threat of inflation makes gold an excellent choice of safety and return.
Buying of gold at dips highly recommended. Gold is currently trading at $1350/troy ounce.
The material has been provided by InstaForex Company – www.instaforex.com