It’s no secret that the gold market has struggled for several weeks now. Following a convincing upside breakout in price that took the market to over the $1500 level, the gold bulls have not seen the type of follow through that they are looking for. In fact, prices have been on the decline since finding a top with seemingly little to stop the recent descent.
The gold market has possibly now found a bottom.
Although it is too early to tell; recent price action could potentially suggest a near-term bottom has been made. The market, while not seeing any significant bounces higher, does still have several key issues that may be considered bullish. These include the ongoing U.S./China trade war, easing monetary policies, the risk of a global recession and other geopolitical issues.
The bulls have this far defended the $1450 area, a potentially major area of market support. The market is moving slightly higher today and is currently sitting around the $1473 area. The market may, however, need to take out the $1500 level, or close to it, before finding any significant buying interest. If it does, however, it could potentially be off to the races.
A move back above the psychologically important $1500 area could be swift and significant and has the potential to drive prices sharply higher in a short period of time.
For those not already in the market, it could make entry difficult, if not impossible. For those that do look to get involved, they may have to buy at significantly higher price levels compared to those who were already in the market. While this would still potentially provide numerous benefits to the buyer, it could cost significantly more. That is one reason why now, right now, may be the ideal time to get involved in the gold market.
Adding gold to your portfolio has never been easier than it is today, and perhaps never more important. Against the current backdrop of economic and geopolitical risks, there may simply be no better asset class to look to than physical gold. Current prices may not be seen again, either, if the recent rally extends itself. To get started, simply pick up the phone and speak with an Advantage Gold account executive today about the potential benefits of gold ownership and to learn more about the key role it may play going forward. Our associates are here to answer any questions you may have and can even show you how to build a significant allocation using an IRA account. This account type could potentially offer some serious tax advantages that include write-offs and tax-deferred growth. When it comes to buying and holding gold for the long run, there may be no better way to do it compared to using an IRA account. Time is of the essence, however.
Don’t wait for the next major stock market collapse or for the gold market to take off without you before acting. Explore your options for gold ownership today. Call Advantage Gold at 1-800-341-8584 to get started now.Tags: breakout, gold, market, market support, monetary policies, price drivers, risk of recession, trade war