Better Buying Opportunity for Gold & Silver

Gold prices last week remained on the lower side as compared to the precious metals recent highs. Gold prices fell past the support of $1830 (USD/Oz) on Friday, however, the prices retracted and went back above the support line. To explain this drop we need to recap the week first. Early on in the week Gold prices remained stable, consolidating around the $1850 (USD/Oz) mark. There wasn’t much movement in the price of the precious metal as investors were unsure about the recent US Treasury Yields getting overextended. Even with the second impeachment of President Trump, investors looked past that and looked forward to a Biden future with a larger economic stimulus package. Now back to the end of the week, the drop in the precious metals market was a direct result of the Biden administration officially releasing their approximately $2 Trillion COVID-19 relief plan. The dip in Gold prices is a great opportunity to invest before the storm as Biden’s expensive plan can only mean more inflation in the economy.
The week started off steady for the yellow metal with little to no fluctuations in Gold Prices. Early in the week, Gold closed at $1848.07 (USD/Oz).

The steadiness in Gold prices moved into the midweek as Investors remained uncertain about the overextension of US Treasury Yields. Midweek, Gold closed at $1848.38 (USD/Oz).

The week ended with a huge drop in the prices with a bright outlook on the future with Biden’s coronavirus relief package. Gold ended the week at $1827.11 (USD/Oz).