Key intraday support levels for the gold price

New York (May 27)  Gold has started to retrace in the European session as the buyers seem to be running out of steam. The first sign of a momentum less is the fact that a lower high has been printed on the hourly chart. If the previous wave low breaks at $1890.7/oz then it could spell trouble for the yellow metal. 

This then leads analysts to look at where the price could find support on an intraday basis. On the chart below you can see beyond the wave low the next support is the trendline marked in light grey. Then the orange zone at $1884/oz looks like a high volume node and these tend to be pretty sticky. Much much lower just below $1850/oz there is the red area which could also provide some support as it is an old wave high and low volume node combined. 

On the topside, if any of these support levels do work and the bulls regain momentum the $1913.3/oz level is the first point of call. There is a level from the previous all-time high to be aware of at $1923/oz which was mentioned in a report yesterday to take note of. 

All in all, the bulls remain in charge of this market but there are signs on the hourly chart below that some momentum has shifted. It will be interesting to see what happens when the U.S. traders come to market as there is some important data this afternoon.

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