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- Gold is still trading above the MA 200 H1
Gold is still trading above the MA 200 H1
Yesterday, the XAU/USD was trading lower and closed the day in the red near the price of $1853. Today, gold also fell slightly, dropping to $1847. On the hourly chart, XAU/USD is still trading above the MA (200) H1 ($1835) moving average line. The situation is similar on the four-hour chart. Based on the above, it is probably worth sticking to the north direction in trading, and as long as the XAU/USD remains above MA 200 H1, it may be necessary to look for entry points to buy at the end of the correction.
Resistances levels are at: $1869-71, $1892, $1909
Support levels are at: $1842, $1832, $1826
Probably, the main scenario is the continuation of the upward movement to $1869 (May 24 high).
The alternative scenario is consolidation below the MA 200 H1 followed by a fall to $1786 (May 16 low).
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