Gold price levels for the week ahead
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(Kitco News) - Gold has started the week on the back foot during the Asian session as the price of the yellow metal dipped below $1800/oz. During early EU trade, the price has come back up but it is interesting to see the levels to watch for the week. There seems to be a short-term consolidation between $1819-1790/oz.
If the price does break out of the range to the downside the next prominent level lower down stands at the volume point of control near $1777.3/oz. Beyond that, the next wave low is holding at the red line at $1751/oz.
On the topside, if the green horizontal line wave high breaks at $18195/oz that could be a bullish sign. The next level above that is a previous distribution low of $1859.2/oz.
The volume in the early European session has been pretty dry and you can see the moves lower have not been backed by too much market participation. The next distribution up has a high volume node at $1835/oz so if the price does break higher that could be another level to watch.
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