Gold consolidates below key resistance level
Gold has been moving sharply higher over the second half of the week, with the wider bullish trend seen over the past three months coming into play once more.
A break through the $1230 mark would provide a signal that the weakness we have been seeing over the first two weeks of November are over. Such a move would point towards a likely rally up through the $1237 and $1247 resistance levels. However, for the moment we need to watch for whether that level is broken or not, with a break below yesterday’s low of $1222 providing a bearish short-term view.