The key levels on the weekly gold chart
The weekly chart for gold makes interesting reading and reinforces what we are seeing in terms of longer-term moves for the precious metal, and once again it is the blend of price based and volume based support and resistance which holds the key.
If we start with the levels generated by the Quantum accumulation and distribution indicator, this delivers the price based levels which have been tested and retested and so build deep areas, with the thicker the dashed line signalling stronger areas. And for gold we have two. The first is the red dashed line just below $1350 per ounce, and the second is the blue dash line immediately above $1290 per ounce. It is these two levels which define the channel of current price action on the weekly chart, and until one of these is breached, we will continue to see gold trading in this tight range, a range further reinforced by the presence of the volume point of control which signals the market is currently in agreement at $1320 per ounce. This is currently the fulcrum of the market and where we have the deepest concentration of volume which also extends some way above and so offering strong volume based resistance to any move higher. The opposite is true below, where we have a low volume node in the $1270 per ounce region.
So for longer-term gold traders, one of the key levels of the current channel has to be breached and coupled with supporting volume, before we see any extended trend develop.
By Anna Coulling
Charts from NinjaTrader
Source: https://www.annacoulling.com/commodities/gold-commodities/the-key-levels-on-the-weekly-gold-chart/
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