Gold heads higher during the European session
FRANKFURT ( Apr 4) Gold has had a good session so far in Europe rising nearly half a percent. The yellow metal is trading above the volume point of control (red horizontal line) and this represents the area where the most contracts have exchanged hands on the chart. After the price retraced back from the most recent wave high of $1955/oz (31st March) the market found some support at the blue support line near $1917/oz. Now the question remains if the bulls can gather enough momentum to break the green resistance zone and grey trendline.
|
|
This Russian bank sold 1 ton of gold in March |
Beyond that, one of the main targets on the hourly chart below should be the black consolidation high at $1967/oz. On the downside, there are only two main support zones. One is the aforementioned blue line and the other is the major low on the chart at $1888.3/oz. At the moment the major low does not seem under threat but when the U.S. traders come to market we could get a clear idea of the sentiment.
KITCO
