Gold price analysis post-FOMC price rise
(Kitco News) - Post-FOMC Technical levels - The pre-FOMC technical levels worked a treat from this week. There are many key highlights on the chart but the purple support zone at the low volume node was key to providing the yellow metal with some support. Subsequently, there has been a break of the triangle pattern and also the previous wave high.
The bulls are not out of the woods just yet as the yellow support zone near $1835/oz is the next big hurdle. If that breaks all could be clear to reach the next distribution at the green resistance zone.
On the downside, now the chart pattern has broken the top of the triangle could be a support zone. One massive area is the high volume node just above $1800/oz at the peak of the distribution curve on the volume at price indicator.
For now, the bulls are clearly in charge and the next point of call is the yellow resistance which matches the consolidation high on the chart.