| Forex News Center | | | Commodities News Archive |
Commodity Daily News
Look for 23% Fibonacci Level
Tuesday, 13 Dec 2011
Yesterday's price declines have taken spot gold below its triangle chart pattern. The commodity originally had support at $1,665 from the rising support line off of the September 29th low. A measured move from the chart pattern suggests gold could fall an additional $80. There may be additional support beforehand at $1,622, the 23% Fibonacci retracement from the September collapse in the price of spot gold.
