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Commodity Daily News
Gold Uptrend Fails to Break Resistance
Wednesday, 7 Dec 2011
Spot gold prices failed to move above a significant short-term resistance level and have followed through with a move lower. The initial cause of the price decline can be linked to USD strength as the USD continues to move higher versus the G10 currencies. The price of spot gold topped out at $1,761 where the falling trend line off of the September and November highs comes in before the price moved lower to the initial support of $1,700. Additional support is located at the pivot from November 21 at $1,666.
