(Kitco News) - Gold has now found support at $1806/oz on 14th June and now the price has settled at around $1832.8/oz after the FOMC meeting last night. The markets were fully pricing in a 75 bps hike leading into the event and once that was announced the price steadily climbed higher. There is a resistance at the low volume node at $1840/oz (blue shaded area) and this is now the level the bulls need to break. Beyond that, the volume point of control (VPOC) is at the red horizontal line and this could be a sticky point for the price. Before the high on the chart is tested there is another very congested area the black line near $1858/oz.
On the downside, there are now a few levels to watch carefully. The price is now resting at a support zone near $1831/oz. Below that, the yellow line is more of historical support from a higher timeframe ($1816.6/oz). Lastly, the key low on the chart is the $1806.1/oz but this does not look under threat for the rest of the session.
(1-hour Futures Chart)
