Gold and Silver Travel in Tandem

Gold prices continued to make steady progress and gold seems to be increasingly unaffected by the things that are happening with the dollar and around the world as well. The dollar strength has been waxing and waning for the past few weeks but the gold prices continue to make progress shaking off any of the effects from the dollar strength.

Gold Goes from Strength to Strength

We are also seeing the US stock indexes making record highs almost everyday. Under such circumstances, it is viewed that the risk around the globe is receding and would have led to funds being pulled out of gold and invested into the dollar and the stock markets even more. But we have still been seeing the gold prices continue its way higher and there does not seem to be anything stopping it.

We have our initial target for gold near 1270 and we have been repeating the same thing over the last few forecasts and we believe that it is only a matter of time before the gold prices reach that figure. The gold prices seem to be increasing everyday mainly due to the fact that the investors around the world, apart from the US, are yet to trust Trump and his team fully and are still not convinced about his policies. They still fear that his policies are likely to affect the largest economies of the world in a negative manner and this fear and uncertainty is what has led the investors to invest in gold as a safety net against anything that might affect the world and global investor sentiment.

Oil Prices Consolidate

Oil prices continue to consolidate, as it has been doing since the beginning of the year. There was not much economic news or events to move the price in either direction and this can be seen in the continued ranging of oil prices. Also, the implementation of the production cut deal is going on fine and maybe the market wants to see an extension of the agreement when the producers meet again in May or June before it starts thinking seriously about pushing the prices higher.

Silver prices have also taken a cue from gold and have been rising steadily over the past few weeks and this rise is set to continue in the coming days as well. Traders are advised to track the gold prices closely and ensure that they trade silver in tandem with that.