Gold Prices Choppy

The gold prices continue to chop around for much of the last few days and it is pretty much clear that the investors are as confused as the gold market themselves. The prices have been unable to break through the range and any kind of an attempt to push through the range has been promptly sold into and this is what we have been seeing over the last couple of weeks as well. The gold prices have been unable to push on with their momentum and this has been clearly due to the lack of demand in the gold market which has exposed it to the whims and the fancies of the dollar.

Gold Under Pressure

The dollar rose again on Friday as the employment data from the US, in the form of NFP, came in much stronger than expected. This was tempered a bit by the fact that the the average wage earnings were lesser than what was expected but this was enough to reverse the gold move higher and now the prices trade near the 1320 region as of this writing and we believe that the choppy trading would continue in the short term. Also, looking at the rest of the day, there is not much by way of data or news and hence we can safely expect some consolidation and ranging to happen for the rest of the day.

The oil prices continued to consolidate and trade within a small range as the lack of volatility has been driving the investors away from the oil market over the last few weeks. The prices have lost their upward momentum and that is why we have been seeing some choppy trading during this period.

The silver prices also continued to chop around in a trend that seems to be dominating the commodity market at this point of time. The prices continue to chop around the $16.5 region.