Ahead of gold’s expected move higher in the month of December, a small window to buy is open right now, allowing you to get ahead of the curve if you’re ready to make your move.
This opportunity comes after several days of bullish momentum, meaning the window is all the more critical for those keen to add gold to their portfolio ahead of a further price breakout.
Prompting the opportunity is a small pull back on gold prices as a result of hawkish Federal Reserve comments.
James Bullard, the president of the St Louis Federal Reserve said he thought that rates needed to go higher to bring down inflation. Bullard’s counterpart in Kansas City, Esther George, was even more hawkish in making a case for further tough rate hikes saying, “I’m looking at a labour market that is so tight, I don’t know how you continue to bring this level of inflation down without having some real slowing, and maybe we even have contraction in the economy to get there.”
Of course, this stance goes against what many think will happen in the coming months, with analysts increasingly calling for the Federal Reserve to slow the pace in the New Year.
Regardless of their outlying position, the comments saw stock indexes falling, crude oil price down and gold prices dipping during trading yesterday (Thursday). The yellow metal was down £12.66, taking it to a £1,477 ($1,760). This remains within reach of a break to the upside expected when prices close at £1,507 ($1,800) so this window to buy may well be very fleeting.
Don’t miss out. Buy now to benefit.