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- Gold tests MA 200 H1 resistance
Gold tests MA 200 H1 resistance
On Friday, the XAU/USD traded in different directions in the range of $1937-55 and closed the day without significant changes. Gold is up slightly today, rising to $1951. On the hourly chart, XAU/USD is testing resistance - the MA (200) H1 moving average line ($1942). On the four-hour chart, gold remains below the MA 200 H4 line for now. Based on the foregoing, it is probably worth adhering to the south direction in trading and while the XAU/USD remains below MA 200 H1, it may be necessary to look for a sell entry point to form a correction.
Resistances levels are at: $1965-71, $1992, $2015
Support levels are at: $1935, $1920, $1907
Probably, the main scenario - is the continuation of the downward movement to $1935 (low of the American session on Sep 9). An alternative scenario - may be consolidation above MA 200 H1 with a subsequent rise to $1971 (Sep 2 high).
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