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- Gold trades near 11-week low
Gold trades near 11-week low
Yesterday, the XAU/USD traded lower and closed the day in the red near the price of $1863. Today, gold traded in a tight range of $1859-66, staying near an 11-week low. On the hourly chart, XAU/USD is still trading below the MA line (200) H1 ($1909). 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: $1887, $1919, $1946
Support levels are at: $1855, $1844, $1825
Probably, the main scenario is to move forward is a continuation of the downward movement towards $1855 (May 2 low).
Alternative scenario is consolidation above MA 200 H1 followed by a rise to $1998 (Apr 18 high).
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