(Kitco News) - As we approach this week's all-important Jackson Hole meeting, gold has moved 0.47% higher. As you can see from the 4-hour chart below the price has rejected the $1778/oz volume point of control (VPOC) area. During the Asian session, prices have been grinding higher and there is a chance $1800/oz could be tested again.
On the topside, the price is now approaching the previous wave high at $1797/oz. This also is very close to the $1800/oz psychological level and there may be some resistance to a move higher. Beyond that, the next major zone is the red shaded area which has the high volume node of the next distribution higher.
If there is to be a rejection the VPOC area is the next point of call (support) and beyond that, a previous wave low at the blue horizontal line at $1750/oz. For now, the price is looking positive and upside targets are in focus. The market will be looking for more clues about taper timing from Fed Chair Powell and this could shift the price to another consolidation area.
Gold is approaching some key levels ahead of Jackson Hole - Kitco NEWS
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