The gold prices fell during the course of trading yesterday as the dollar gained in strength and the markets moved higher on the general improvement in risk sentiment that was seen all across the globe. The dollar did not have much of an impact on many instruments but as far as the gold prices were concerned, the market did show a lot of weakness even on slight note of strength from the dollar. It should be a matter of concern for the bulls that they have once again failed to push through with the advantage that they had, in the form of heightened risks in the Syrian region and over the global trade war fears and this is going to keep the prices under pressure.
Prices Back Below $1350
The bulls had done well in holding on to their gains that they had made over the last couple of weeks but still they have been unable to push through higher through the highs of the range. It is likely that the investors and the traders would want to wait till they get the FOMC meeting out of the way and know which way the Fed is thinking as far as the rate hikes are concerned. The incoming data from the US has been choppy at best and hence it would be difficult for the Fed to think about accelerated rate hikes at this point of time but that is also something that the investors would wait for the Fed to confirm before pushing the prices higher again.
The oil prices corrected back below the $69 region but it is clear that the bulls are in control. The strengthening of the dollar seems to have had an impact on the prices but this move lower can be only viewed as a correction and we should see the prices gain traction in the short term.
The silver prices have been very buoyant and the breakout through the $17 region should prove to be an important development in this market as the bulls try to hold the break and if they manage to, then we should see the prices moving much higher in the medium term.
This article was originally posted on FX Empire
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