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(Kitco News) – Gold climbed 0.40% in the Asian and European sessions to $ 1,748 an ounce. The good news is that the high of the previous wave was broken at $ 1,746.7 an ounce.
Looking at the higher levels, the next major resistance is the consolidation high around $ 1,754.2 / oz (purple shaded area), and more bullish action could occur if price breaks out. On the volume profile, this area should also be considered as it is a low volume node and they often act as support and resistance zones.
If the price rejects the high of the consolidation, then the point of the average value may again become a point of attraction at the level of 1,730 dollars per ounce. Below this major consolidation low is pretty far on the chart at $ 1,677.3 an ounce.
At this point, the 4 hours chart below clearly shows that the bulls are gaining the upper hand and the price is making higher highs and higher lows. Now we need to wait and see if we can get past the $ 1,754 per ounce zone.
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