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Commodity Daily News
Spot Gold Prices Consolidating before Next Move
Friday, 25 Nov 2011
Despite the volatility that has been seen in the financial markets spot gold prices have been consolidating from their recent declines. A bear pennant pattern has been forming on the daily chart with a falling resistance line from the November 18th high and support from the November low. The chart pattern is considered bearish as the current trend in the commodity is to the downside and the measured move from the pattern suggests a move of $8.50. Support for the commodity is found at the October 20th low of $1,607.
