Gold price levels ahead of the ECB meeting
(Kitco News) - Gold is trading 0.62% lower ahead of the ECB meeting on Thursday afternoon but it could have been worse as the lowest level the price as traded today is around 0.77% at one stage.
The price has now made a lower high on the 4-hour chart below and this makes the $1906.8/oz level important as if the price breaks that resistance it could break the pattern of lower highs. Beyond that on the topside, $1919.2/oz is the high the bulls will need to target to keep this uptrend alive.
The orange zone above the current price level is the value area of the current consolidation and these levels usually act like a magnet for price so if there is a move higher it may need to be watched.
On the downside, the red zone at $1868/oz has been important in the past. On the higher timeframes, lots of contracts have been traded at that level as it has a high volume node. In addition to this, The blue shaded zone is also important as there has been support and resistance there in the past too.
Lastly, there is a trendline support marked in light purple. The uptrend has been intact for a while and any break below could be a bearish signal.
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