Gold Futures technical analysis

New York (Mar 10)  Gold has been retracing over the last couple of sessions and the 4-hour chart below shows the previous wave high has been broken at $1711.4/oz.

The price has now stopped at the volume profile mean value area. The next big resistance zone is the purple line at $1758.4/oz. This area was also a support level back on 18th February.

The volume histogram at the bottom shows the volume on the sell-side has been higher than when the bulls kick in. So if this rally continues there could be more buyers for confirmation.

Longer-term, if the bears come out in force again $1676.6/oz is the level to watch out for. There are also some Fib retracements to keep an eye on with the 61.8% in a prominent level.

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