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.