(Kitco News) – Gold is in a firm consolidation mode at the moment after finding some firm support at the low volume now just under $1860/oz last week.
The price of gold is around -0.33% lower on the session but yellow metal has really consolidated between the previous wave low and the recent high of $1919.2/oz.
As the price is still in an uptrend it is fair to say the bulls are still in charge of the market but now a lower high lower low is now in place $1855.6/oz is the level to watch.
If that level breaks to the downside the next mean value area is at $1835.5/oz and the next major support is at the red zone close to $1800/oz.
On the topside, the bulls will be looking to hit the aforementioned recent high but for now, the volume histogram is showing that there is higher volume on the sell-offs than there is on the bullish candles.
