Gold Futures Technical Analysis - Lower levels are still in focus

New York (Mar 31)  Gold  has had a better session in Europe bouncing off the previous wave low at $1673.6/oz. As we enter into the U.S. session the price has moved away from the value area of the current distribution at $1733.1/oz. The price is now testing the distribution low at the red shaded area near $1672.9/oz.

If that level breaks and the bears stay in charge then the $1646/oz level could be in focus next. There is the small matter of the channel support low which has been used three times to good effect.

On the topside, if the bulls manage to find value at these low levels the first point of call is at $1733/oz. This is the peak of the bell curve of this current price distribution. This means that it is the place where most contracts have been traded on the daily futures chart below. Beyond that, the resistance at $1768/oz is next.

For now, it is clear that the bears are in charge and lower levels could be in focus for the rest of the session.

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