Gold Price Market Outlook as of Sept. 12 – A Quick Analysis
GOLD markets made a quick recovery as of Friday, advancing upwards the $1355 mark. Analysts stepped back from this point to hit the $1345 figure underneath, and as of this update acts as support.
Wall Street investors think it is just a matter of time before interested buyers come in as the broad gold markets continue to have a positive aura.
The US currency eventually enjoyed a good ounce of support in the session as of Friday, courtesy of profit-taking moves, but the trend is seen to offer value in the broad gold markets, including other top precious metals.
Considering all this, investors tend to puchase in small increments as this helps “dollar cost average” their position forward.
Prices of the previous yellow metal had settled above the 1340 boundary in the last sevend days and the way gold traded on it showed it may shift higher.
But the latest phase of the strong momentum was more because of the rise in world risks and worries as reports that North Korea would be conducting another nuclear test to highlight its founding anniversary.
Meanwhile, market observers should witness the prices of gold to cling on in the short-term and the figures coming from the US later in the week should prove the next short-term trajectory for the price of the safe-haven commodity.