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Lambert: Gold is ready to move higher
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Clive Lambert from FuturesTechs is investing in gold as he expects to see a significant rise in prices over the long-term. The market’s recent consolidation has created an decent buying situation with significant potential for gains.
On Wednesday the precious metal dipped to USD 1,305 as equities continued to climb, eradicating investments in the safe haven metal. Investors were not deterred by weak economic data out of the United States; instead they chose to focus on signs of second-quarter growth rather than the dismal first-quarter abnormality. Current geopolitical tensions in Iraq are keeping the price of gold above the key psychological level of USD 1,300.
Clive is looking to buy gold on a dip, similar to the one experienced on Wednesday, between USD 1,305 – USD 1,310. His two immediate targets for the trade are USD 1,325 and USD 1,330. However, once the USD 1,330 level has been achieved he is looking to hold on to some of his investment expecting another move higher. Clive believes that it is possible for gold prices to reach USD 1,392, the high from March.
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