Gold price technical analysis post FOMC

New York (Jun 17)  Gold sold off heavily after the FOMC's more hawkish than expected tone on Thursday night. Now the price of the yellow metal seems to be heading toward's the $1800/oz level it could be wise to look at some support zones.

The volume profile areas worked a treat recently with the low volume node just above the $1800/oz acting as a strong support following the event. The next one down also looks firm at around the $1760/oz area. Before that, the market will also need to push through the value area peak of the next distribution at $1780/oz and this could also be a strong support zone.

On the topside, if the buyers do step back in the next resistance is the green zone above where the price is currently trading at $1845.8/oz. Beyond that, the next distribution mean value area stands at $1896.4/oz just under the $1900/oz psychological area.

On the 4-hour chart below, it seems the bears are firmly in charge for now as the price is making lower highs and lower lows. The move lower was also backed by a decent amount of volume but over the coming days it will be good to see the difference in volume between the bullish and bearish candles on the 4-hour chart for clues to see how long this move lower could last.

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