by Mark O’Byrne, GoldCore:
Financial Market Strategists are advising their clients to “buy gold on dips”.
“Gold has seen four major bull markets since 1970: this is another one,” Benjamin Wong, foreign exchange strategist at the Singapore-based bank’s Chief Investment Office, said in an e-mail. “The market has yet to deal with the political uncertainty going into the Nov. 8 presidential election.”
Fears surrounding Brexit saw gold rally to the recent highs of $1,375. However, as the uncertainty created in the wake of the “Leave” vote wanes, global equity markets have rallied, helped in no small part by surprisingly strong employment numbers from the U.S.
However, some feel that the gold market retracement is only temporary and that,“the market has yet to deal with the political uncertainty going into the Nov. 8 presidential election.”
Wong is advising clients that any dips to $1,296 to $1,300 would be opportunities to accumulate. The next rebound may top resistance at about $1,380 and move prices toward $1,437 to $1,455, he believes. “Longer term, if the full force of the inverse head-and-shoulders pattern is applied, there remains scope for $1,525.”
Please follow SGT Report on Twitter & help share the message.