FxWirePro: Gold’s dip an opportunity for long-term buyers

In Mid-September this year, in an article named, “FxWirePro: Gold might falter towards $1260 per troy ounce”, available at https://www.econotimes.com/FxWirePro-Gold-might-falter-towards-1260-per-troy-ounce-906280 we suggested that the price of gold is likely to decline towards $1260 per troy ounce from the then current price of $1309.

In a recently published article, we suggested to our readers that bears has strengthened their position since our $1260 call and bears are looking to push price as low as $1160 per troy ounce in the short term.

However, we would like to clarify that despite our bearish short-term outlook, we believe that gold is poised for big gains over the longer horizon and the recent dips should be treated as investment opportunities for long term buyers.

Over the longer horizon, we expect gold price to reach towards $1524 per troy ounce area which can extend towards $1620 per troy ounce area, as long as the support near $1100 area remains intact.