Precious Metals Gold Silver Copper Forecast Outlook Alerts Reports Signals
April 11, 2016 Gold Silver Price Forecast Outlook
How Precious is Gold By AVATrade
Back in 2011 Gold was very precious, trading above $1,900 for a short time and many within the market predicting higher prices to come. The trend was relentless, in 2008 Gold was trading just below $700 an ounce, 3 years later it had increased by 170%+, being short was costly. Some, like John Paulson, made billions from rising prices.
Today Gold is trading well off its highs at $1,252, down approximately 35%, but this is a different market to that back in 2011. On its way up Gold had several factors working in its favour including bailouts and uncertainty in Europe, a struggling economy in the US along with Quantitative Easing to name just a few.
Now however some of the uncertainty has been removed, we’re no longer on the brink of a collapse even though Europe still has its problems. The United Kingdom has decided to leave the EU but the market has handled this in its stride. In the US we’ve had an increase in interest rates and more to come by the looks of things, this is off the back of a strong and strengthening economy.
Back in December 2015 Gold hit its low just below $1,050, for the next several months it recovered hitting approximately $1,375 in July 2016. However, since then the selloff has resumed and now we’re at the where to next for Gold? To confirm the Bulls are back in control $1,375 will need to be taken out, on the flip side the Bears will be looking at $1,050. Continued strong economic activity in the US along with further interest rate hikes should keep pressure on the downside for Gold. However, there are always uncertainties in the market and Gold is still seen as a safe haven. Will the US’s strike on Syria last week be the last or first? Can Trump deliver on his election promises? What will the consequences be for the UK leaving the EU? Will the EU remain in its current form? And finally at what price do investors see Gold as being attractive?
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