The gold market is looking really good for traders, with rallying prices since last December 2017. If you are already holding gold or considering getting in on it, the most important question for you now is whether the trend is expected to continue in the near future? Should you buy or sell what you have on your EuropeFX trading account?
Trends to Make Note Of
To help you make the best decision, it’s good to look at the data and the trends that can be seen. You should also pay attention to forecasts and leading analysts for their assessment. The current price for gold is $1,330 an ounce, which shows a very remarkable increase of 7.7% since last December.
According to the Commonwealth Bank, the gold commodity should continue on its upward trajectory for some time. If this holds true, those who own stock should think about holding it further, and those who do not can still consider buying into this opportunity. The great part about having an online brokerage such as EuropeFX is that you get to make your trades from the comfort of your home. It’s easy and very accessible.
According to Dhar, gold price trends have started to correspond more with US dollar trends rather than with US 10 year real yields, as is usually the case. He believes that gold prices should continue to rise through this relationship for the midterm until mid-2019. He forecasts the gold price to increase to $1361 in 2019.
Some of the factors that he believes play a major part in how his forecast plays out are the trade relations between the US and China and the relationship between gold and US 10 year real yields. So if you’re thinking about making that gold buy on your EuropeFX account, be sure to keep your ears to the ground to take note of any shifts that might affect the upward trend.
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