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Analyst: The consolidation and recent trades have provided little clue about the next move in gold prices.
Gold futures prices rose on June 10, but prices were still fluctuating in a narrow range due to the lack of catalysts. David Morrison, senior market analyst at Trade Nation, said in a note that gold prices continue to consolidate after a long bull run. Excluding the brief volatility in mid-April, the gold price has been roughly in the range of US$3,200-US$3,400 per ounce over the past two months. Gold prices retreated to neutral levels from the overbought levels in April. However, Morrison said the consolidation and recent trading have provided little clue as to where gold prices will move next.