NEW YORK (TheStreet) -- Gold prices were trading near the flat line Monday as the yellow metal continued to consolidate after a monster rise from the Federal Reserve's announcement of quantitative easing.
Gold for December delivery was up $1.50 to $1,774.20 an ounce at the Comex division of the New York Mercantile Exchange. The gold price traded as high as $1,778.90 and as low as $1,769.50 an ounce, while the spot price was up $1.20, according to Kitco's gold index.
"There was a major reaction ... to the Fed, so gold has already rallied up a lot, and even Friday it went [up] but it wasn't that crazy," said Yu-Dee Chang, chief trader at Ace Investment Strategists. "We are thinking short-term wise it could go up a bit more but we believe it may consolidate or even pull back a little bit."
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