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- Gold continues to test support for MA 200 H1
Gold continues to test support for MA 200 H1
Yesterday, the XAU/USD was trading lower and closed the day in the red around $1865. Today gold was trading in a narrow range of $1858-67, staying close to yesterday's closing price. On the hourly chart, XAU/USD continues to test the strength of the support - the moving average line MA (200) H1 ($1885). On the four-hour chart, gold remains above the MA 200 H4 line for now. Based on the foregoing, it is probably worth sticking to the northern direction in trading and until the XAU/USD finally consolidates below MA 200 H1, it may be necessary to look for buy entry points at the end of the correction.
Resistances levels are at: $1869, $1884, $1902
Support levels are at: $1844, $1832, $1819
Probably, the main scenario is the continuation of the upward movement to $1869 (high of the American session on Jun 14). An alternative scenario is consolidation below the MA 200 H1, followed by a decline to $1844 (Jun 14 low).
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