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- Gold remains below MA 200 H1
Gold remains below MA 200 H1
Yesterday, the XAU/USD was trading lower and closed the day in the red around the $1837. Today gold was trading in a narrow range of $1836-44, staying close to yesterday's closing price. On the hourly chart, XAU/USD is still trading below the moving average MA (200) H1 ($1852). The situation is similar on the four-hour chart. Based on the foregoing, it is probably worth sticking 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: $1853, $1871-75, $1894
Support levels are at: $1830, $1801, $1785
Probably, the main scenario - is the continuation of the downward movement to $1830 (Feb 2 low). An alternative scenario - may be final consolidation above MA 200 H1 with a subsequent rise to $1875 (Jan 29 high).
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