Gold Continues to Trade Near Range Highs

Gold prices continue to trade near the highs of the short term range and they await further direction in the days to come. We have been mentioning in many of our forecasts over the last few days that the gold prices are likely to face some stiff resistance in this region and that is one of the reasons why we are finding the prices to be stalling in this region. This is likely to continue for the short term as the gold market lacks the fundamental drivers to push the price significantly in any specific direction. We head into the last week or so of the year and it is likely to see the markets slow down as the traders go off on their holidays.

Gold Likely to Turn Lower

But on the medium and long term range, we continue to believe in the prospect that the bears would take control of the gold market. We are already seeing signs of the same with the gold prices unable to string together a series of bullish days and we are seeing the gold prices clearly under pressure during the last few weeks. These are all signs that the bears are in complete control of this market and this is only going to continue in the near future.

The oil prices made a slight advance during the course of the last 24 hours as the prices broke through the $58 region during this period. We do not expect any major advance in the oil market at a time when the volatility is beginning to go down but the aim for the bulls would be to latch on to the $60 handle.

The silver market is tightening itself into a coil which is something that is quite expected as it follows the footsteps of the gold market towards the end of the year. Expect the silver prices also to weaken during the medium and long term.