Gold Prices Continue to Chop Around

Gold prices continued to be choppy for much of the last 24 hours as the market trades near the support region as of this writing. The euro has taken a beating against the dollar and the dollar has been gaining against most of the other currencies as well and this has been placing a lot of pressure on the prices of gold. It is as yet unclear as to how long this pressure would last but the fact that the gold prices have refused to trade out of the range even after so much of dollar strength should show that there is a lot of buying still going on in the markets which should keep the prices supported in the short term as well. We do not see what could help the prices break through the range at this point in time.

Gold Still in Range

Contrary to what the gold prices have been doing, the oil prices continue to rocket higher over the last few days as they have now comfortably broken through the $70 region and are aiming higher. The breakup of the deal between the US and Iran seems to have had an impact on the prices of oil and the prices have since been shaken up but the overall direction continues to point upwards as any sort of tension in the Middle East is likely to affect the supply of oil from that region and if and when that happens, we are likely to see the oil prices shoot higher and that’s what we have been seeing over the last few days.

Silver prices have been trading in a slow and steady manner over the last few days and this continues as of this writing. Again, we believe that there is nothing much that can shake up the silver prices as of this writing and we should see the silver prices continue to range between the $16 and the $17 regions in the short and middle term.