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The spot gold price today (Friday) is up slightly, 0.23%, after falling steadily throughout the month of November.
Gold prices started the month of November above the $1,300 line but have since fallen to an intraday low of $1,160 yesterday.
While sentiment is getting pretty low, it's tough to say if we've reached a bottom yet.
Some analysts expect gold could retest its $1,050 low of December 2015, while others think it's close to a bottom right now.
There are some indicators, however, that are pointing to a possible bottom in gold stocks. If that turns out to be the case, then we could also have an early sign of a near-term bottom in gold itself.
Notably, some of the best forecasters in the markets, and for gold in particular, see higher gold prices in the not-too-distant future.
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Here's a look at how the spot gold price today is trending, along with where I see it heading next…
How the Spot Gold Price Today Is Trending
The spot gold price closed at $1,184 in the shortened trading session on Black Friday.
But late on Sunday evening in overnight trading, gold popped to $1,195, which coincided with temporary U.S. dollar weakness.
By Monday's open, as the U.S. Dollar Index (DXY) regained some strength, gold opened at $1,188 then rose modestly to close at $1,194. Tuesday brought similar volatility, with gold dropping in early morning trading to open at $1,185. It then rebounded again to close at $1,188.
But Wednesday is when the hammer hit, with gold prices trending downward all day. They opened at $1,182 and succumbed to selling pressure into the NY close at $1,173.
Thursday offered only a bit of encouragement, as gold opened at $1,171, hit an intraday low of $1,162, then recuperated to close at $1,172. The spot gold price today is up modestly to $1,174 in morning trading.
Now that we've talked about how gold prices have been trending, here's what I expect…
What's Next for Gold Prices as We Head Toward 2017
About the Author
Peter Krauth is the Resource Specialist for Money Map Press and has contributed some of the most popular and highly regarded investing articles on Money Morning. Peter is headquartered in resource-rich Canada, but he travels around the world to dig up the very best profit opportunity, whether it's in gold, silver, oil, coal, or even potash.