Commodity prices were steady yesterday as US exchanges were closed in observance of Thanksgiving. Spot crude oil is trading at its opening day price of $83.74. This comes one day after strong gains were booked with the price of spot crude oil rising over $1.40.
Gold prices continue their climb and are currently trading at $1372. The price of spot gold has come off of a low when the price fell to the support level of $1330.
However, a potential bearish chart pattern has formed on the daily chart. A head and shoulders top can be identified with the left shoulder on 10/14, the head is located at 11/9, and the right shoulder at 11/23. A break below the rising neck line would signal a completion of the reversal pattern with a potential move of $100 below the breach of the neck line.
