Gold Prices Still in Range

Gold prices continued to trade in a slow and steady manner for much of the last 24 hours as the lack of fundamental drivers for the markets seems to be having a lot of effect on the gold prices. The prices have been consolidating over the last many days and this is likely to continue as the market awaits further data from the US and other countries in anticipation of better times. This kind of ranging and consolidation is not good for any kind of market and that is why we believe that the traders would be relieved if and when this consolidation is over. But what should make them even more happy is when the gold prices break through the larger range between the 1300 and the 1360 regions in due course of time. This has been the range for the past few months and the fact that the prices have been unable to stage a breakout through this region has basically tired down the traders and the investors and they would be wishing for a breakout soon.

Oil prices have finally managed to crack through the $70 region and though there has been a small correction after that and the prices have fallen below that region once again, as of this writing, it marks a large victory for the bulls who have managed to achieve their next target without much of problems. Still, there are no signs of this trend reversing at any point of time in the near future and hence, this would be a large boost for the traders who would now be resetting their targets higher in what has been a major uptrend in the markets over the last 6 months.

Silver prices have not traded out of their range anytime soon and as usual, they have stuck to their consolidation script between the $16 and the $17 regions over the last few weeks and this is set to continue in the short term.