Yahoo Finance Market Snapshot – Gold Consolidates But Looks Higher
Gold Prices Buoyant
The gold prices have been consolidating and ranging since the beginning of the week as the improvement in the risk sentiment does not seem to have had much of an impact on the gold prices. But the fact that the gold prices continue to remain high despite the stock markets rising as well should be a source of encouragement for the bulls who would hope that they can use this momentum to keep pushing the prices higher. The investors are indeed getting more and more tired of this ranging and consolidation that has been going on for the past few months and they would wish that there is a breakout sometime soon as that would give them an opportunity to get into the right side of the trade and ride the breakout. It remains to be seen what kind of fundamentals would be useful for the gold prices to stage a breakout but so far, there does not seem to be anything on the horizon.
Cryptos Looking to Move Higher
The crypto markets continue their correction and consolidation with the bitcoin prices trading on either side of $8000 over the last 24 hours. We believe that the bulls are still in control of the market and that it is only a matter of time before the prices start pushing higher. If and when the prices break through the $8300 region, we should be seeing the prices move towards the $10000 region which should be the next major target for the bulls. For this, the bulls would need the support from other traders and investors who are likely to get attracted to go long in the market as long as the prices continue to remain buoyant and continue to move higher in the short and medium term. The traders would surely be hoping that it happens.
This article was originally posted on FX Empire
