Gold Prices Move Lower Again

Gold prices crashed lower during the last 24 hours as the risk sentiment improved and this helped the stock markets to recover. It has been a very tough time for the traders in the gold markets as the trading has been choppy and the prices have been all over the place during this period. The prices have fallen back to support, moved close to the highs of the range and then back at support, all over a period of a few days. It would be difficult for the traders to trade under such circumstances. Only the range traders can survive under such conditions while all the other traders would have to wait on the sidelines.

Gold Choppy

Yesterday, we saw the prices moving higher on the back of fear that a global trade war would become true. The stock crashed but the gold prices shot higher as the funds were invested into the gold markets as it is considered as a safe haven. But as the day progressed, it became clear that the tariff plan still has some twists and turns left and that it could turn out to be diluted. This possibility helped to lift the sentiments in the market which led the gold prices lower and now it trades just above the $1320 region as of this writing and it is unlikely to break through the range as of today due to the lack of economic data or news.

Oil prices also dropped below the $63 region for some time yesterday but have since recovered and now trade above that region as of this writing. The prices have received a boost due to the fact that the refineries in Yemen have started running fine again. It is likely to remain in range for the short term.

The silver prices have also dumped lower towards the $16 region over the last few hours and it is expected to continue to be under pressure though the support region is nearby.