I have, look, based on the current economic conditions, debt crisis, etc the demand for gold has been increasing on the last months. What is bad for some financial instruments, it’s good for others.
Almost every day I see someone “with authority” (yesterday was the turn of George Soros) talking about the Euro zone crisis, or the concerns about global growth, US debt crisis, consumer confidence going down, etc. And what is what some investors, traders, and even some central banks do? They try to get their hands on gold. Gold has been making new highs and it will probably continue for the next months (or even years).
How far could it go? I don’t know, I’m no magician… something is clear though: the demand for gold its likely to increase (meaning that the price will go up). So we should think about doing something about it.
I’m planning to open a trade on gold, a long term trade, I just want to make sure to have good timing, because with the leverage offered by Forex brokers, we can’t allow the market (gold) to move many pips against us, so I’ll have to use a tight SL…
I’ll keep you posted about my thoughts and/or if I take a trade on gold!
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Tags: trading gold