Analyst bullish on physical Gold Prices

The short-term trading pattern forming in Gold Prices suggests that the value of the precious metal is likely to begin rising soon.

That is according to Sam Kirtley, of SK Options Trading, who suggested that a declining wedge formation in Gold Prices is usually followed by an upwards break.

If that is true, then now could be the ideal time to Buy Gold with a view to long-term growth in the value of the yellow stuff.

"Whilst there could still be some sideways action ahead, it appears that the worst of this correction is over and an excellent buying opportunity is upon us," Mr Kirtley wrote.

He added that the physical metal is a great choice for conservative investors looking for safe long-term gains.

Gold Prices could be further boosted by news of a one per cent fall in South Africa's gold mining output during 2009, with diminished supply likely to lead to higher demand.

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