Make Kitco Your Homepage

Gold price levels for the week ahead

Kitco News

Editor's Note: With so much market volatility, stay on top of daily news! Get caught up in minutes with our speedy summary of today's must-read news and expert opinions. Sign up here!

(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. 

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. 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. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.