(Kitco News) - Gold has moved into a consolidation zone after falling recently. The 30-minute futures chart below is showing some signs of a recovery. Since the green area at $1686.6/oz was hit the price has made some higher low waves and a break of the blue area at $1722/oz would indicate a short-term trend change. There are also some other points of note on the chat. The triangle formation is marked by the grey trendlines and it looks like there is an upside break in progress.
The volume profile is also suggesting the price action is looking bullish in the short term. The volume point of control (VPOC) of the current distribution is at the orange shaded area and the price is trading comfortably above this. The blue resistance area is a low volume node and could provide some resistance for a move higher. The main VPOC is at the red horizontal line but it does not seem under threat in the short term but maybe over the next couple of weeks if the bullish run continues.
