Jason Drake Accredited FX Gold Update for the Week

Jan. 27, 2013 - PRLog -- Gold was unable to breach the all important $1700 mark last week and this has many investors feeling bearish on this weeks prospects. Opinion however is divided with many brokers expecting nothing more than a stagnant week ahead for gold.

"There are no major catalysts for gold to move much either way in the week ahead" says Jason Drake a Senior Broker at Accredited FX. He goes on to say "I think this week will see sideways movement but we are still very bullish on the yellow metal's potential for the coming months."

The fundamentals behind gold's recent advances including worry over the global economy and a lack of strong monetary policy have not changed and this is likely to support gold over the months ahead.

Jason has followed gold and traded positions in gold options for his clients for over a decade.

"The S&P500 broke 1500 for the first time in 5 years last week and this strength in the stock market did nothing to help gold last week but there are many drivers that will help us breach the resistance, it's just a case of biding our time."

Gold for February delivery last week closed at $1,656.60, which was a retreat of almost 2% for the week.

Disclosure:

Accredited FX and Jason Drake are long term gold bulls with investments on behalf of both retail and corporate clients in gold options with various expiry dates and prices."

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.