Gold Stabilized Around $4,364 per Troy Ounce, Bulls And Bears Waiting
Gold stabilized around $4,364 per troy ounce after Tuesday trading session in New York timezone, while silver bounced back a little bit to $67,22. Precious metals market is in a sideways mode, while bulls and bears waiting for the next move
Precious metals, including gold and silver, have been going sideways in the past 2 days (Monday and Tuesday), without much price action. Gold might keep trading around its $4,300-$4,500 range before both the bulls and the bears make their next moves.
A lot of traders seem to think that gold will actually go lower, especially after the Fed's interest rate hike and a hint of another rate hike possibility before the end of the year.
That being said, both WTI oil price and Brent crude have been going down in the past week, due to positive development in the Iranian most recent conflict. If oil prices can keep going lower, the chance of another rate hike by the Fed before the end of the year might get lower, and thus, it will be a positive development for the precious metals.
Wall Street analysts previously predicted that gold may end up getting a bullish price increase at the end of the year, despite a volatile year so far. If gold successfully gets a positive momentum before the end of the year, there's a likely chance it will make another explosive momentum just like what happened in the beginning of the year.
Related assets: Gold, Silver, Palladium, Platinum, Crude Oil, Brent Crude