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Bulls still have the advantage but the window to buy is open

If you caught our Bulletin last Friday, you’ll know that gold prices rounded out the week on a high in the wake of the Federal Reserve’s monthly meeting which finally gave some clarity on tapering plans. While those moves pushed the yellow metal above the important key price level of £1,353 ($1,800), we are seeing a small window to buy open right now if you move quickly.

The gold bulls remain in control and with the advantage but with normal pull backs following that push higher, now is a good time to buy ahead of the Christmas break. Yesterday (Tuesday) gold was priced around £1,345 ($1,7860), just marginally lower on the week. Don’t be fooled by this bluster of risk-on sentiment however, as new restrictions across Europe and the USA in light of the continuing spread of the Omicron variant has markets jittery. With political tensions also rising in Eastern Europe on the Russia and Ukraine border, with the EU and USA threatening sanctions, there are very likely turbulent times ahead.

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