Gold Prices Through $1350, Looking at Range Highs Again

Gold prices have started moving higher once again as the bulls continue to exert a lot of control on the prices. We had mentioned in our forecast yesterday that the bulls continued to be in control of the gold market and the fact that the prices continued to trade in a buoyant manner was a further sign that the bulls were in control and that it would only be a matter of time before the prices began to move higher. The prices now trade above the $1350 region as of this writing and it is here that the bulls have always found it difficult to make much of a progress over the last few months. We have seen many price failures in this region and we will have to watch the price action to decide which way it is likely to move.

Gold Looking Higher

We believe that the gold prices are likely to continue to remain buoyant and are likely to challenge the highs of the range once again but it would be a close call to see whether the prices and the bulls have enough momentum on their side to bring about a breakout through the range, something that the investors have been waiting for, for quite some time now. We would suggest that the traders take profit at this juncture and wait for a breakout and retest before they begin to go long on the gold market rather than get caught in the choppiness that they are likely to see.

The oil prices continued their strong progress, something that we have been mentioning since the beginning of the week. Ever since the prices broke through the range, the prices have been making steady progress with their target set in the $70 region. We had mentioned the same when the prices broke through a few days back and now we are seeing the oil market trade in the $69 region.

The silver prices have finally managed to break through the $17 region, a region which has been acting as a strong resistance for the past couple of months and this should augur well for the bulls as they would be looking ahead for quick and further gains.