How Is the Market Outlook After Gold Price Firms Above $1,800?

WikiFX News (18 July) - Price of spot gold defeated the key level of $1,800 per ounce on Tuesday. Moreover, many market strategists anticipate that it will keep growing in the future market.

In Asian market on Tuesday, the international spot gold gained $6.74 (or 0.37%) to $1,809.09 per ounce, compared to the $1801.73 per ounce in early trading. Meanwhile, COMEX gold futures in August finished down 0.04%, at $1813.40 per ounce.

“There is an anticipation of more widespread shutdowns which is drawing people back to gold to hedge against the uncertainty” said Jeffrey Sica, founder of Circle Squared Alternative Investments.

Todd Horwitz, chief strategist of BubbaTrading.com, wrote that the overall pattern of gold is still extremely bullish and it is possible to look for a bigger run to August gold futures.

Phillip Streible, chief market strategist at Blue Line Futures, said that in the current environment, investors looking to get into the gold market need to be more discerning to find the right entry point. He added that he likes buying gold below $1,800 an ounce and silver below $17 an ounce. Besides, he forecasts that gold prices could push to the long-term target of $2,500 an ounce by the end of the year.

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