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As the broader market indexes have done little better than move sideways, the gold price has naturally reacted with a little weakness.
Since last Friday (June 2), the Dow Jones and S&P 500 are up just 0.5% and 0.2%, respectively. Meanwhile, with the price of gold today (June 9) down 0.6% to $1,272, the precious metal is on track for a slight 0.5% weekly loss.
Still, it's a negligible loss considering the milestone gold hit this week. Prices closed above $1,297 on Tuesday – the highest level this year – and just inches away from the all-important $1,300 mark.
And yet, almost no one is noticing. That's normal behavior since stealth gains tend to be the most sustainable. After all, bulls hate to be followed.
Early next week, we could see some more sideways movement leading up to the outcome of the FOMC meeting on June 14. And that may well be the trigger to send gold past the $1,300 mark.
Before diving into my near-term and long-term price targets, here's how gold prices have trended this week…
Gold Price Is on Track for a 0.5% Weekly Loss
After closing at $1,279 on Friday, June 2, gold opened on Monday, June 5 a bit higher at $1,281. However, trading was mostly uneventful due to steady movement in the U.S. dollar. The price of gold settled at $1,279 for no gain.
For reference, here's how the U.S. Dollar Index (DXY) has performed this week…
The metal saw some big action on Tuesday, opening much higher at the $1,291 level. It hit a peak of $1,294 by the afternoon and managed to close at that level for a 1.2% gain.
Wednesday brought out the sellers who wanted to lock in some profits. Gold prices started the day at $1,291 and worked their way gradually lower as the dollar had a few bursts of strength. The gold price closed 0.5% lower at $1,287.
Urgent: An incredibly rare gold anomaly is shaping up in the markets as we speak — one that has occurred ONLY twice in the past 20 years. And it's about to happen again. Details here…
Losses continued on Thursday, June 8, as a relief rally in the DXY from 95.65 all the way up to 97.20 forced gold to give up most of its weekly gain. Prices opened lower at $1,283 and fell throughout the day to settle 0.7% lower at $1,278.
And the downward trend for the price of gold continues today as it fell 0.6% to $1,272. With that, gold prices are on track for a weekly loss of 0.5%.
Despite this week's loss, gold is still pushing higher on a long-term time frame. It's up 5.7% over the last three months and 4.6% in just the last month alone. This indicates any brief pullback – including this week's loss – won't last.
That's why I want to show you my bullish gold price predictions for both the near term – especially in regard to next week's Federal Reserve meeting – and for the second half of 2017.
Here's how high I see the metal going…
My 2 Bold Targets for the Gold Price in 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.