Gold Futures Technical Analysis – There is a big intraday resistance to watch

Gold & Silver

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(Kitco News) - Gold has moved 0.40% higher in the Asian and EU session to trade at $1748/oz. The good news is the previous wave high has now been broken at $1746.7/oz.

Looking at higher levels the next major resistance is at the consolidation high near $1754.2/oz (purple shaded area) and if the price breaks there could be some more bullish action to come. On the volume profile, that area should be taken note of too as it is a low volume node and they often act as support and resistance zones.

If the price does reject the consolidation high then the mean value area could be the point of attraction once again at $1730/oz. Below that, the main consolidation low on the chart is pretty far away at $1677.3/oz.

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For now, on the 4-hour chart below it is clear to see the bulls are in charge and the price is making higher highs and higher lows. Now we would need to wait and see if the $1754/oz zone can be broken.

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