Have Spot Gold Prices Peaked?

by The Smarter Wallet on November 2, 2009

I’m presenting a video below, courtesy of one of the technical analysis services that I follow, called INO.com. Adam Hewison — an expert market analyst and the guy behind INO.com — asks the question: has spot gold prices peaked? Many traders and investors are currently wondering about this, as they note how gold has fallen from a high price of $1,070 an ounce to a level that seems to be threatening to breach the $1,000 level.

If you’re interested in Adam’s analysis on how the gold market will be behaving going forward, then check out the following video, which showcases the software program called the MarketClub stock trading system. This tool is available for use through a premium service.

Have Spot Gold Prices Peaked?

Please click on this link or the image below to watch the video:

spot gold peak

Here’s one expert trader’s answer to the question: has gold topped out? Adam’s technical analysis prediction is pretty specific — according to him, “not yet”. Gold has a ways to go (upwards), but only after a possible pullback takes place first, where some price levels are tested. He uses a Fibonacci retracement tool to attempt to predict how far down the potential pullback will be. If you’re a trader, the suggestion here is to capitalize on any correction as a buying opportunity because Adam believes that gold prices can eventually recover and reach $1,200 to $1,300 an ounce, as per his analysis. So the verdict? He’s long term bullish.

So what do you think? Do you agree with him?

To learn more on trading and investing, you can subscribe to this free stock analysis service or this free video channel from INO.com. You can also check out the free resources and educational materials that are widely available in these online stock broker sites.

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