Gold Prices Still Unable to Choose Direction

The gold prices continued to chop around near the lows of the range as the prices are caught in a tight range between the 1300 and the 1320 regions since the beginning of the week. It seems as though the market is waiting for the CPI data from the US to make a move and it would be interesting to see which way it decides to move in due course of time. The fact that the support has not yet given through despite the growing strength in the dollar does say that the bulls continue to be in control and if there is any major move, then it is likely to be higher. But even if there is a move, we believe that the move would be limited by the range top of the larger range and there does not seem to be anything on the horizon for the short or the medium term which is likely to push the gold prices through that region. So, it is better that the investors and the traders get used to this range for some time to come and though it would be something difficult for the long term traders, the range traders are likely to have a ball.

Gold Prices Chop Around

The oil prices continue on their merry ways as we have been saying over the last many months. There has not been any change in the direction of the trend during the last many months and it is likely that the prices would continue to run uphill from here as the anticipation over the situation worsening in the Middle East has helped with this push.

The silver prices continue to chop around $16.5 at this point of time and this has been the case ever since the beginning of the week. The silver markets have been following the gold markets pretty closely during this period and that is why we are seeing them mimic the consolidation and ranging that we saw in the gold markets.