Gold Prices Push Through $1280

The gold prices continued to move higher as search for some safe haven investments intensifies towards the end of the year and this has helped to benefit the gold bulls and they have been able to push the prices higher. We have just seen the gold prices shoot higher through the 1280 region during the course of the first session of trading in Europe for this week. Most markets in Europe were on extended holiday yesterday as well as part of the Christmas holidays and though many traders have not yet returned back to their desks, we are seeing some good volatility in the gold markets as the rest of the markets also open up today.

Gold Prices Looking Ominous

It remains to be seen whether this move higher would continue and the bulls would be able to make it stick for the medium term. There are no specific fundamentals that seem to be driving the gold prices higher at this point of time but it seems as though the bulls are happy to see an opportunity to push the prices higher. The market still has some low liquidity only and hence this move should be taken with a pinch of salt as it could lead to a reversal at any point of time. The fundamentals still do not seem to favor a major bullish move in the gold market as such and hence it is a bit of a surprise to see this large move in the gold prices.

The oil prices continue to trade around the $60 region and this is expected to continue into the new year as the lack of fundamentals is likely to weigh on the oil prices over the short term. With the medium term target of $60 nearby.almost done and dusted, the bulls do not seem to be in too much of a hurry to push the prices higher as yet.

Silver prices are also trading in a strong manner over the last 24 hours as the prices have since pushed through the $16.5 region and it appears as though $17 would be the next target of the bulls.