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Gold Prices Look to End Week Steady at Near 7-Week High

After months of low prices, gold has been rebounding in a most bullish manner this week. As of shortly before mid-day on Friday, Jan. 13, 2017, the price of a troy ounce of gold for February delivery is sitting at $1,193.00 — almost a seven-week high.

Investors had been moving away from gold and into the stock and currency markets. This was due to a strong dollar and positive speculation about the impact of a Trump presidency on industry regulations.

Now, following unclear statements from President-elect Donald Trump regarding his economic plans, investors are hedging their bets with gold once again.

Gold Experts Predict the Rally to Be Temporary

Most investors who are familiar with the typically inverse growth patterns for gold investment and the strength of the dollar predict that $1,200 is the ceiling for gold prices in the near future. Most of them believe that without changes in demand or the buying power of the dollar, the market simply won’t support gold prices above $1,200 per troy ounce.

However, the specter of market instability is likely to regularly rear its head during the upcoming administration, creating fluctuations in prices and currencies. Thanks to a drop in the strength of the dollar, gold prices have been mostly bullish this week.

For savvy investors, those minor changes and adjustments after political statements can be interpreted as hints as to where the market for gold will move in the days that follow.

While political figures don’t have direct control over the markets, their public statements and actions can absolutely inspire frenzied buying or selling on certain markets. Following political stories can help investors predict what the markets will be doing in upcoming days.

Trading on an Online Forex Platform Can Be Profitable

While long-term gold values are uncertain, one thing that investors can know with certainty is that the price of gold futures will continue to fluctuate on any given day and throughout each week of active trading.

Trading on an online Forex platform not only allows for the potential for profit from short-term trading, it can also help you trade more. You can leverage your investment capital to control the buying and selling of more gold futures than you could otherwise afford to purchase. Now is a great time to see if online Forex trading platforms are a good investment choice for you.

How to Trade Gold?

Take advantage of the daily changes in the price of gold. Start trading gold today by opening a trading account with easyMarkets and get up to $2000 bonus*. As an industry first, they have also launched a unique deal cancellation tool as a way to manage your risk on any bad trades. By selecting dealCancellation on the trading platform whenever you make a trade, you can cancel your losing trade within 60 minutes and get your money back. *Terms and Conditions Apply

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