Gold Prices Still in RangeThe gold prices continue to chop around over the last few days
The dollar suffered some weakness during the course of the day yesterday and it was more of the same story from the dollar as the waxing and the waning of the dollar strength continue to hold sway over the gold prices. This has been the theme in the gold markets over the last few months and there does not seem to be any respite to this ranging and consolidation in sight. We expect to see more of this in the coming days and this should certainly be a great time for the range traders who would have to pick and choose their entries at the fringes of the range to make a killing.
Gold Bulls Lack Momentum
There was some weakness in the dollar yesterday as the US President Trump fired the US Secretary of State and there were also reports that the US administration would be seriously considering the imposition of tariffs on Chinese goods which has once again ratcheted higher the risks and the uncertainties that are being seen in the global markets. This helped the gold prices to move back to the 1330 region but the prices have been promptly beaten back and they are once again trading near the 1320 region as of this writing with the lack of momentum in either direction being very clear.
The oil prices continued to chop around with the rest of the commodity market with the prices dropping towards the $60 region only to rebound back just in time and trade above the $61 region as of this time. As we have been saying many times over, there is not much that can be expected from the oil markets at this point in time.
The silver prices also did not have much to do during the course of trading yesterday as the prices followed the usual template of ranging and consolidation with the same being expected to continue in the short term.