Gold – Is now the time to buy?


Gold futures rebounded on Monday from their lowest level in more than five years, finding support from weakness in the U.S. dollar to settle near $1,100 an ounce. Although analysts speculate that prices haven’t quite hit bottom just yet, many are in agreement that there is not much further to go.

The Gold prices moving towards and finding a sweet spot around the $1,100oz mark is also indicated by the RSI (Relative Strength Index) charts. This could therefore represent a great buying opportunity for this precious metal.

There have been many recent contributing factors to the gold price fluctuations:

· The Greek Governments last minute bailout agreement with the Eurozone has temporarily seen the risk of Greece leaving the Eurozone diminish.

· The Federal Reserve has indicated that it will increase interest rates by the end of 2015.

· China, the largest consumer of the metal, has witnessed large scale selling.

· Domestic gold prices have been recently cushioned due to the depreciation of the rupee against the dollar.

All of the above combined have helped to push the gold prices lower. Retail sales figures in the US demonstrate how lower prices have already encouraged a surge in buying and the continuing deterioration in gold prices has instigated a further wave of retail interest.

Gold could once again be an extremely attractive investment opportunity and also looks to be moving towards an optimum buying price.

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