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Gold pushes higher to break a decent resistance zone

Kitco Media
By Rajan Dhall
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(Kitco News) - Gold started the European session slightly subdued but it seems the appetite for the yellow metal has increased. As yields have taken a tumble in recent sessions gold has found some of its shine and the price is currently 0.40% higher on the day.

Looking at the 4-hour chart below, the price has taken out the blue resistance area at $1784.5/oz. This level has been used significantly on two occasions on the chart. First of all the price was supported back in mid-May and then again on the 1st July. Now this level is broken there is a chance that it could be retested as a support if the price does move higher.

If the price does continue to move higher then the next VPOC could be a sticky zone but the psychological $1800/oz area is in the way first.

On the downside, the orange previous consolidation high might give the price some support at $1737/oz. Elsewhere below that, the main wave low on the chart of $1678.4/oz is next but does not look under threat in the near term.

Kitco Media

Rajan Dhall

Rajan Dhall is a financial analyst that has been in the trading industry since 2009. From working in Canary Wharf (London) as a head trader to becoming a journalist on a real-time news desk, Rajan has worked his way through many positions in the financial sector. The main area of Raj's expertise lies in technical and statistical analysis. Rajan currently lectures technical analysis with the Society of Technical Analysts (STA) at the London School of Economics. One of the main areas Rajan has based his analysis on is probability. Raj completed his certification (probability) with Harvard and regularly uses probability theories in his analysis as he feels it helps him add value to his clients and customers.

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