Gold Prices Still Choppy

Gold prices rose higher as the dollar went on the backfoot since Friday due to the not so impressive data from the US. The NFP came in weaker than expected but the data from the previous month was revised higher and this helped to minimise the impact. But the damage was done and as a result of that, the gold prices were able to move higher during the course of Friday as the prices lifted off from the 1320 region and moved through the 1330 region and towards the 1340 region. It is unlikely that the prices would have gained enough momentum to break through the range at any point of time in the short term but it would be interesting to see how this price action is going to pan out.

Gold Prices In Range

The gold prices were expected to get weaker but the strength of the dollar has not picked up over the last few weeks. The choppiness of the incoming data has not been helping matters and the fact that still the geopolitical tensions and risks that we have been seeing over the last couple of weeks, continue to dominate the market, has shown us that the choppiness is likely to continue in the short term. We do not see a breakout in the range happening anytime soon.

The oil prices have also been chopping around a tight range and consolidating over the last couple of weeks or so as there have not been any major developments in the market during this period. As we have been saying all along, it is likely that the market would be adopting a wait and watch attitude for the medium term as the prices seem to be in a state where the producers and the consumers seem to be happy.

The silver prices have also been trading in the $16 to $17 region over the last many weeks now and there have been no hints of any breakout despite the fact that the volatility has been good within this range.