"Last weeks bounce in prices was on the increased likelihood of more stimulus" says Tom Evers, a Senior Broker at Accredited FX in Costa Rica. He goes on to say "I think we are looking at easing starting to happen in other countries and this will bolster the gold price and could show us some big gains in the months ahead."
Bernanke is due to testify about the state of the US economy on both Tuesday and Wednesday in front of a pair of congressional panels. The outcome of this meeting could decide if QE3 is going to happen and that's big for safe havens like gold.
Another factor likely to help gold rise are the slowing of the Chinese economy including GDP results that were less than expected.
Tom has been a gold evangelist for several years and his clients have profited on an ongoing basis from his expertise in trading gold and other metals.
Both Tom Evers and Accredited FX are holding various long positions on gold at the time this release was written.
Accredited International provides Forex trading services to corporate and institutional investors throughout the world from their head office in San Jose, Costa Rica.
Accredited FX is the managed accounts division of the company and provides Forex trading services to retail investors with minimum account balances starting at $5,000. Clients have access to one of the most sophisticated online trading systems available.
To open an account with Accredited FX, please visit our website at http://www.accreditedfx.com or call our client services team at +1 855 274 7539.
Forex trading involves substantial risk of loss and is not suitable for everybody. Only risk capital should be invested.