A window to buy has opened up within the last 24 hours, creating an opportunity to ‘buy the dip’ (as most industry experts and several financial institutions have advised throughout gold’s storming summer) for those who act now.
While gold continues to trade above the psychologically important £1,476 ($1,900) threshold, prices have been pushed lower in the last day thanks to a flurry of support for the dollar. The investor move to dollars has boosted the greenback – which has been in and out of the doldrums all summer long – and comes as a reaction to COVID-19 data showing an upswing in infections across Europe and the USA.
The precious metal ended the day yesterday (Tuesday) down £3.71 ($4.80) however, we can expect to see this reversed in the very near future as the perfect storm supporting soaring gold prices continues to gather.
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