Technical Analysis
04.12.2020, 06:47

Gold continues to test MA 200 H1

Yesterday, the XAU/USD was trading higher and closed the day in positive territory around the $1840. Today, gold was trading in a narrow range of $1837-44, staying close to yesterday's closing price. On the hourly chart, XAU/USD is testing resistance - the MA (200) H1 moving average line ($1814). On the four-hour chart, gold remains below the MA 200 H4 line for now. Based on the above, it is probably worth sticking to the northern direction in trading, and while the XAU/USD remains above MA 200 H1, it is necessary to look for buy entry points at the end of the correction.

  • Resistances levels are at: $1844, $1869, $1879

  • Support levels are at: $1807-12, $1784, $1763

Probably, the main scenario - is the continuation of the downward movement to $1812 (low of the American session on Dec 2). An alternative scenario - may be consolidation above MA 200 H1 with a subsequent rise to $1869 (Nov 23 high).

Quotes
Symbol Bid Ask Time
AUDUSD
EURUSD
GBPUSD
NZDUSD
USDCAD
USDCHF
USDJPY
XAGEUR
XAGUSD
XAUUSD

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