For those who want gold prices to go up, it’s not been a very good week — indeed because there’s been a lot of good news. The scuffle with Iran seems to have cooled, the United States and China appear to have agreed on a trade deal, and the stock market is buzzing, with the Dow Jones Industrial Average on track to reach a record 30,000 points.
In the past two weeks or so, gold prices have fallen from recent highs above $1,600 to about $1,550 to $1,555 per ounce, and it’s there that prices have been largely fixed these past several trading days. It seems that gold has found a short-term floor around $1,550. But that doesn’t mean gold prices can’t break out again as they recently did when the situation with Iran seemed to be heading right toward the outbreak of a major war in the Middle East.
As we drive into the weekend, we can expect gold investors to sit on the sidelines a bit as they wait to see what happens with the yellow precious metal going into the last days of January. All we really can predict is this: in a market as vibrant as it is right now, we know gold prices won’t remain in relative stasis for very long.