Tensions between the United States and North Korea led to gold prices hitting their high point for 2017 earlier this week. After peaking at $1,295.62, gold prices have begun consolidating today, with prices falling into the $1,283 per Troy ounce range.
While those who bought during gold’s peak may be disappointed, many analysts and traders expect that this consolidation will lead to a rally.
Although prices are down from their high point earlier in the week, they remain higher in general. Additionally, these kinds of fluctuations and adjustments help to support trading by allowing savvy investors to buy when prices drop and wait for a rally.
Gold Prices Consolidating Mean Investing Could Be Profitable
There are number of factors impacting gold prices right now. With geopolitical tensions high and economic uncertainty also increasing in many regions, gold futures will remain an attractive investment for the risk-averse in the near- to mid-term. Many believe that the upcoming French election, as well as a potential announcement of a rate hike in the United States, are drawing prices for gold futures down.
Fluctuations of this sort are common and not a sign that prices will soon drop. Instead, they simply indicate that gold prices are reacting to geopolitical influences.
Investors who are familiar with the prices of gold futures know that sudden downturns and consolidations like today’s are common. While these rapid changes may be unpredictable, they also present some of the best opportunities for profit for those who trade gold futures online.
When prices go lower than they are currently trending, buying can be a good decision. When they eventually rise to where gold has been recently performing, gold futures can then be sold for a short-term profit. Of course, any trade comes with risk, but most investors are already well aware that losses are possible.
Trading Gold on an Online Forex Platform Lets You Profit from Price Shifts
Instead of being discouraged by changes in the price of gold, most gold investors see it as an opportunity. You don’t have to sell at a loss, but you can always buy when prices are low. Trading online via a Forex platform can make it easy for casual investors to trade gold simply from a laptop, desktop computer or smartphone!
How to Trade Gold?
Take advantage of the daily changes in the price of gold. Start trading gold today by opening a trading account with easyMarkets and get up to $2000 bonus*. As an industry first, they have also launched a unique deal cancellation tool as a way to manage your risk on any bad trades. By selecting dealCancellation on the trading platform whenever you make a trade, you can cancel your losing trade within 60 minutes and get your money back. *Terms and Conditions Apply
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