Gold is biding its time at the moment.
I see a slow trading range for the stocks and the metal continuing during the holiday season.
The dollar has bounced against the euro and British pound in recent days. However, I think this is short-lived. The pound fell on lower-than-expected growth numbers.
The Americans are taking the “easy” way out with little to no cuts in spending and cutting taxes. Britain is sacrificing growth in the short term to stabilize the country longer term. The United States is doing just the opposite.
Therefore, after this bounce, I expect the dollar to decline against the pound.
The current strength in the dollar may cause short-term weakness in gold and you should take advantage of that by purchasing gold stocks on pullbacks.
© 2023 Newsmax Finance. All rights reserved.