Gold and silver settling into tight ranges

In the lead up to a potential rates hike in the US, gold and silver have remained in relative tight ranges. Saxo's Head of Commodity Strategy Ole Hansen says these precious metals have already priced in the hike. "The fixation on higher rates and its potential positive impact on the dollar has given only periodic room for the market to focus on geopolitical events such as the downing of a Russian jet and the recent attacks in Paris", says Mr Hansen. Saxo's commodity strategist says the biggest challenge for these metals is still the direction of the US dollar, but with the ECB potentially offering additional easing in December and with higher rates in the US, the upside for them remains limited. If you'd like to know where is the next resistance level for gold, visit here: (VIEW LINK)