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- Gold continued Friday's decline
Gold continued Friday's decline
On Friday, the XAU/USD traded lower and closed the day in the red near the price of $1644. Today, gold also fell slightly, dropping to $1626. On the hourly chart, XAU/USD is still trading below the moving average MA (200) H1 ($1674). 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 gold 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: $1657, $1674-75, $1685-87
Support levels are at: $1626, $1600, $1500
Probably, the main scenario is the continuation of the downward movement to $1626 (session low).
The alternative scenario is a break of the MA 200 H1 level, followed by a rise to $1735 (Sep 12 high).
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