We have seen gold reach record highs over the last week or so but there is a window opening to buy now on normal profit taking – meaning you should be prepared to act quickly as the overall outlook for a very bullish summer remains fixed.
The precious metal is widely regarded as the number one hedge against inflation which gives it strong demand as global economies continue to stutter amid fears of a second wave of the novel coronavirus pandemic. This week, there has been the added complication of an uptick in tensions between the US and China, which has sent a trickle of safe haven flows towards the dollar. With gold riding a nine-year high of £1,444 ($1,800) last week, there has been profit taking, leading a small decline in prices to £1,433 ($1,788.60).
Craig Erlam, an analyst with foreign exchange firm OANDA says profit taking at this level is entirely normal, with the long term economic outlook continuing to favour gold, “Broadly speaking, gold is looking bullish medium term, but I won’t be surprised to see a big correction off of this $1,800 level very soon.”
Buy the dip now, while you can.
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