Editor's Note: With so much market volatility, stay on top of daily news! Get caught up in minutes with our speedy summary of today's must-read news and expert opinions. Sign up here! (Kitco News) - Gold had a good spike following the non-farm payroll data lastFriday but the move failed to sustain its momentum. The poor result lead someanalysts to suggest that maybe the accommodative policy could hang around for longerbut then the cold hard reality hit and the price came crashing back down. From a technical analysis perspective, the support and resistancelevels worked perfectly (clickhere). The price broke out of the rage and then halted at the greenresistance zone to move back into the mean value area. Now the price is aroundthe peak of the bell curve on the volume profile area on the right-hand side ofthe chart. This does not really bode well for gold in the short term as theprice tried to move into the next distribution higher up but failed miserably.On the downside, the next support is at the purple area near $1745/oz and belowthat the consolidation low at $1720/oz. If the purple area is broken that couldbe bad news for the bulls. On the topside, the previous wave high seems someway away. For the bulls to have any meaningful hope in the near term, the nextresistance that needs to be broken is $1782.24/oz. By Rajan Dhall For Kitco NewsFollow rajfx10rdhall@kitco.comwww.kitco.com Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.