Gold prices are currently consolidating as traders await a fresh fundamental spark to ignite the precious metals next big move.
Trader’s attention has now shifted to President-elect Joe Biden’s inauguration on January 20.
With the confirmation of Democrats controlling all three branches of government, this “Blue Wave” is expected to create trillions of dollars in new stimulus measures once Biden enters the White House later this month. Following last week’s historic Senate victory in Georgia – President-elect Joe Biden confirmed Americans needed more economic relief from the COVID-19 pandemic and that he would deliver a plan costing "trillions" of dollars.
The last time Democrats controlled the House, Senate and White House, gold was trading below $900 an ounce in November, 2008. Three years later gold prices peaked at $1921. If history is anything to go by, then the stage is almost certainty set for gold prices to skyrocket and reach new all-time highs in 2021.
Where are prices heading next? Watch The Commodity Report now, for my latest price forecasts and predictions:
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