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Gold prices testing £1,535 ($2,000) – buying opportunity open now

Gold prices are testing levels around £1,535 ($2,000) this week in a show of strength that looks certain to lead to record new highs. If you haven’t yet made your gold purchase, the good news is that buying opportunity are also presenting themselves thanks to short-term sell offs. Bank of America analysts suggest that rather than be viewed as a negative, these lows be embraced as a window of opportunity, with its forecasts showing that gold is on track to surpass previous highs.

The bank’s technical analysts released a report yesterday which was firmly bullish on gold. They said, “We think the daily, weekly and monthly timeframes still indicate higher gold prices this year. Therefore we like longs/buying dips near £1,489 ($1,940) for tactical trades and if above £1,449/oz ($1,888/oz) for medium-term trades. Our measured move targets suggest £1,669/oz ($2,175/oz) can still be seen.”

With gold trading lower this week (but maintaining its trend of higher lows) now is the time to take action.

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