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Gold settles at $1659.91

By FXstreet.com,  December 28, 2012, 06:56:00 AM EDT

FXstreet.com (Barcelona) - The price of gold has continued its decline Friday, following a revisit to the negative territory. After a decline off of the USD $1662 region (daily maximum), the price has been unable to mount any sort of prolonged movement in either direction, settling instead at $1659.91 at the time of writing.

"At this juncture, the target of a new ascending movement is at the 1671 mark, however this level may form a consolidation channel and a continuation pattern." notes Igor Sayadov, an analyst at RoboForex LP.

However, "The weight of the gold market still overhangs with resistance seen at $1673 (the November low) and $1685 (the December support). While the market holds below $1685, the technical risk remains for another leg lower." says the latest technical analysis from bullion bank Scotiabank.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Forex and Currencies

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