The price of gold started with a crescendo and then fell to its rock bottom in the year 2016. Gold price is very unpredictable as it depends on various factors. Last year was a roller coaster ride as far as gold prices were concerned. Analysts are wondering what gold rates have in store for 2017. Let’s look at what the trends of daily gold prices for this year are likely to be based on takes from the fields of technical analysis, economics, and investment banking.

Take from the technical analysis viewpoint: Technical analysis can provide some insights when it is used to analyze a specific asset.

Bank’s take on gold prices: The banks have a slightly more optimistic point of view about the daily gold price. But then the banks haven’t been bullish as well.

The economic take on gold price: Gold has always been a ‘fear asset.’ When people start getting jittery about the economy, they tend to invest in gold. When US stocks were off to a bumpy start at the beginning of the year 2016, the price of gold went up. Likewise, when the stock rate is strong, it impacts the daily price of gold. They are negatively interconnected with each other. Analysts predict a good year for the stock market which would be the downfall for gold prices this year.