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- Gold trades near 4-week low
Gold trades near 4-week low
Yesterday, the XAU/USD was trading in different directions in the range of $1895-$1911 and closed the day without significant changes. Today, gold fell slightly, dropping to $1895. On the hourly chart, XAU/USD is still trading below the moving average MA (200) H1 ($1947). 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 entry points to sell for the formation of a correction.
Resistances levels are at: $1921, $1946, $1955-58
Support levels are at: $1891, $1878, $1867
Probably, the main scenario is a continuation of the downward movement to $1891 (Apr 25 low).
Alternative scenario is consolidation above MA 200 H1 followed by a rise to $1998 (Apr 18 high).
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