Gold prices still stable

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Wednesday, Feb 08 2017

Gold prices still stable

There were no major data releases from Australia today, but traders are being focused on commodity prices which have large impact on Aussie. Gold prices continued to consolidate and range at the highs of its large range as the market seemed a bit confused on which direction it should be taking.

The uptrend has been clear for the past few weeks as it seems to be the only instrument that has been consistently performing well against the dollar as the dollar weakness and the global fears have led the funds to be driven towards gold looking for safety and decent returns and we expect this to continue in the short term.

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