Gold Prices Continue Range

As has been the case over the past few weeks, we saw more of the ranging in the gold prices over the last 24 hours as the prices moved towards the 1310 region and then have bounced off from that region and now trade near the 1320 region at this point of time. This is a continuation of the large range trading that we have been seeing in the gold market in recent times as the range between the 1300 region and the 1360 region has been controlling the prices during this period. We do not see any chance of this range being broken at this point of time.

Gold Under Pressure

The demand for gold has been pretty much standard for quite some time now and it is only the dollar strength and weakness that has been driving the prices during the last few months. But irrespective of what the dollar does the prices continue to trade within a range and that is why we have been quite confident of the movement in the gold prices over this period. We expect the prices to be subdued as we now head towards the end of the week and with the lack of any major news from any part of the world for today, we do believe that the consolidation and ranging is likely to continue for the day. For those seeking a trend and large moves, they might just have to wait for sometime longer.

Looking towards the oil market, the drab trading continues there as well as the prices continue to range, as in the rest of the commodity market. There is nothing to look forward to for the trend traders in the oil market and this is likely to be the case for the medium term.

The silver prices have also acted the same way and they continue to trade between the $16 and the $17 regions and the action in this market has been even more restricted and rangy than in the other commodities.