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- Gold continues its Friday slump
Gold continues its Friday slump
The XAU/USD traded lower on Friday and closed the day in the red around $1876. Gold has dropped slightly again today, dropping to $1860. On the hourly chart, XAU/USD is testing the strength of the support - the moving average MA (200) H1 ($1890). On the four-hour chart, gold remains above 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 may be necessary to look for buy entry points at the end of the correction.
Resistances levels are at: $1877, $1884, $1902
Support levels are at: $1851-55, $1844, $1832
Probably, the main scenario is the continuation of the upward movement to $1877 (session high). An alternative scenario is consolidation below the MA 200 H1, followed by a decline to $1855 (Jun 4 low).
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