Gold Trading Hits $1,300/oz, Time To Trade Gold Online?
On Monday, the gold trading price extends to the record high of $1,300 per ounce after the concerns of slow economic recovery continue to hit the market. This has been a rally since 2 weeks ago. While gold is a big gainer, Silver has not slowed it’s pace at all as it also rose to a 30 year high and already gained around 30% returns for this year. However, it slipped off a bit after rising to the new high.
What do gold trading experts and investors say?
The gold trading investors, experts and various fund managers expressed that the rally in gold will extend further not only in the short term but most importantly, in the long term too. While gold always provides the hedge against inflation, many people expected the precious metal to rise as they expect the central banks in the world to use quantitative methods to boost the economy. However, the minority speculated that the gold trading market may have some correction due to the huge rise recently.
At Societe Generale, one senior commodity strategist mentioned that the gold momentum is quite unstoppable at the moment and never will he want to go against the trend. He said he will surely be only looking for a buy.
Spot gold trading price slipped to around $1,297.20 per troy ounce after reaching the historical high of $1,300/oz. The bullion continued to rise last week when the U.S. Fed announced that they are ready to inject billions of paper currency into the economy by purchasing the government debts. And this is the process which was mentioned earlier as quantitative easing.
Another chief investment strategist said that besides from trusting gold, there’s seriously nothing to trust on as all countries are signalling that they will be printing more money. The gold industry experts even predicted the gold trading price of $1,400/oz by Year 2011.
Where will the gold trading price for shorter term heads?
There is a potential technical resistance that gold might face in the shorter term and it will be around $1,310 to $1,330 per ounce. Some traders agreed that a potential correction may be due soon even though the market is still very bullish after the record high.
So if you are more to risk averse side, you may not be attracted to investing in gold at a price like now. But a correction will always spell a good chance for you to enter the market and capture on the trend. So how do you do it?
If you have a busy schedule and unable to monitor the market much, it’s advisable that you trade gold online with the help of a semi-automated gold trading system. It can help you enter and exit the trades accurately without you needing to stare at your monitor.
Let me know your thoughts on whether you will continue to buy the precious metals at a high price like this? Also feel free to tweet and bookmark this post so that your friends can benefit from the gold trading market right now