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(Wallace Refiners) – 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.
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Wallace Precious Metals The author has made every effort to ensure accuracy of information provided; however, neither Wallace Precious Metals nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Wallace Precious Metals and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.
