Gold Technical Analysis points to higher levels
New York (Nov 11) The gold price had an impressive break out after the U.S. CPI print yesterday. The good news for the bulls is that the resistance level broke off the back of some decent volume, which can be noted at the bottom of the chart. The price is now trading at its highest level since 16th June 2021.
On the technical front, now the $1836.9/oz level has been broken it could be used as support at some point in the future. For now, the next level on the way us is the orange line at $1875.2/oz. If the price does break beyond that zone, the green zone at $1919.2/oz is stronger.
If there is to be a move lower the aforementioned $1836.9/oz area is the first point of call. Beyond that the volume point of control (VPOC) is at the red horizontal line. For now, the upside levels are now in focus it will be interesting to see if the price can keep its momentum during the U.S. session.
If there is to be a move lower the aforementioned $1836.9/oz area is the first point of call. Beyond that the volume point of control (VPOC) is at the red horizontal line. For now, the upside levels are now in focus it will be interesting to see if the price can keep its momentum during the U.S. session.
Reuters
