Gold prices today were mostly flat. It's a quick break for the precious metal, which has been experiencing one of its most volatile weeks of 2016.
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The gold price per ounce is climbing this morning (Tuesday) as investors respond to news of a deadly terrorist attack in Brussels, Belgium.
Gold prices were trading up $9.40, or 0.76%, at $1,253.50 an ounce in midmorning trading amid a flight to safety.
Today's events have caused a temporary spike in the gold price per ounce, but we see other factors pushing gold higher in the long term. Before we get to those, here's how spot gold is trending today...
The price of gold is soaring more than 3% today (Thursday) and is now up more than 20% year to date. But our forecast shows the price of gold climbing even higher in 2016.
The price of gold is climbing more than 1% today, after more additional global monetary easing policies were announced. And we see the price of gold climbing much higher from here in 2016.
One of our top recommendations at Money Morning this year is that investors should buy gold in 2016. While gold prices have climbed already in 2016, there are two “flashing” signals that show the price of gold will climb even higher this year.
As the U.S. markets have moved sideways in the past week, gold has been in consolidation mode. Today the gold spot price is around $1,223.20 - down $9.50.
Gold traders have done some profit-taking as the gold price has bounced in a range between roughly $1,205 and $1,235 over the past trading week. But the gold spot price has stayed above the $1,200 level, which has helped to paint an increasingly bullish picture.
Technically, we're getting an emerging pennant pattern that will have to resolve itself before long. Will that be to the upside or downside?