Gold prices traded mostly flat during yesterday's session, closing at $1071.93 an ounce and looking to have formed a short-term base near the $1070 - $1065 region. However, the emerging consolidation seen here has formed into a potential triangle pattern which could see a breakout accompanied by strong momentum and volume over the near-term. A break below $1065 lows could see gold prices quickly drop to the $1050 psychological level while a break to the upside could see a retest of $1080 at the very least. The commodity markets on the whole remain weak as the US Federal Reserve is expected to hike rates this December after keeping monetary policy at near zero interest rates for over 5 years. WTI crude oil futures were also weak despite thin trading yesterday as the commodity closed yesterday’s session at $42.46 following three consecutive days of gains.
US Markets Set to Reopen
Daily Analysis - 27/11/2015