If you have been waiting for a reason to invest in gold, one market expert has suggested that now is the optimal time to act after predicting that we are just weeks away from a $1800 price rally.
Market analyst, Florian Grummes, from Midas Touch Consulting says that gold is building momentum and consolidating at $1600 but will soon break out with a bull run that will take the precious metal to $1800 by spring.
In his report, made on Wednesday, he said, “Every dip is quickly being bought and the surprises are always happening to the upside. Even though gold has already increased by over US$450 from the low at US$1,160 in August 2018, the bulls remain in control and are not showing any weakness. The back and forth between US$1,535 and US$1,600 now seems to be taking the form of a triangle.
“Overall, gold will likely need more time within this triangle. However, at some point a breakout to the upside is much more probable as triangles usually resolves within the prevailing trend – which is obviously up.”
With the breakout expected to come soon, you need to move quickly and buy now in order to fully benefit from the next phase of the gold bull run.