The holiday season is usually associated with nice increases in gold prices. This year, investors weren’t sure what to expect going into the holiday season because the gold market has been so bearish. The good news is that gold did make some headway. However, it wasn’t enough to bring back the bullish market that some people are looking forward to.
Gold Had an Uptick but Remains Down in General
Going into the holiday week, gold prices had a slight uptick, but they were still on the way to a seven-week decline. The fluctuations of the market have some people concerned about what is to come in 2017. Even some analysts are wary of what is going to happen and aren’t willing to make predictions beyond the next few months.
There are several factors that are going to affect gold prices in the coming months. Gold investors should keep track of world events and the upcoming inauguration of Donald Trump as the 45th President of the United States. Some are hoping that President-elect Trump will help the market. One interesting factor from this past week is that unemployment filings in the United States hit a six-month high, which could signal that there is going to be yet another economic dip.
Markets Pause for the Holidays
With Christmas and New Year’s Day both falling on Sundays this year, the markets are seemingly paused while the year comes to a close. This is good news for some investors but not others. Gold isn’t expected to decrease much more through the end of the year. It is poised to grow slightly during the first part of the new year, but it is expected to remain bearish for at least the first half of the year. The overall uncertainty and neutrality of gold prices make it difficult for investors to chart a clear long-term plan. It is even making short-term plans difficult at this point.
How to Trade Gold Online
The Price of gold is constantly on the move. Take advantage of the daily price changes in gold with an online trading account. Some brokers offer bonuses of up to 30% on your first deposit (Terms and conditions apply). Open Gold Trading Account Here
The broker trading platform will also provide you with numerous charting tools and the ability to trade other commodities and currencies in addition to gold CFD’s. You might also want to begin trading with a demo account before attempting to risk any of your own money. That way you can practice trading with virtual money on the demo platform first.