Solid retail data has pushed open a new window to buy – creating an opportunity to acquire gold while it holds below the key £1,567 ($2,000) price level.
The latest U.S. retail data confirmed a 0.7% sales growth for the month of July – not a huge difference as interest rates and inflation remain elevated – but enough to hem in the gold bulls and give investors a quick opportunity to capitalise.
Gold was trading around £1,519 ($1,939) yesterday (Tuesday) which is lower than we have seen in a while. This price level represents a fantastic opportunity to buy the dip. As always, the advice is to buy low, as prices can quickly increase without warning. This is especially true right now thanks to the quick pace of economic changes and geopolitical tensions. Anything could happen over the next few days to put the bulls back in charge.
