Gold prices, Nov. 5 -- The euphoria that marked gold's spectacular rally has clearly eased off, as the bullion is trading almost 8% below its all-time high levels in the international market. Back home, too, the trend is similar, as gold prices have moderated around 9% from their recent peak.

Against this backdrop, the volatility in gold prices has also eased. The Gold Price Volatility Index hit a peak of 31, which coincided with the latest top made by gold. However, since then, it has declined to 21.5%.

But could a further fall indicate that the gold is entering a period of consolidation?

Well, gold is notorious for entering long phases of consolidation. There are times when the bullion doesn't see movement for years. Now, with the vo...