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- Gold remains below MA 200 H1
Gold remains below MA 200 H1
Yesterday, the XAU/USD traded lower and closed the day in the red near the price of $1943. Today, gold, on the contrary, rose slightly, rising to the level of $1949. On the hourly chart, XAU/USD is still trading below the MA line (200) H1 ($1959). 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: $1955, $1970-72, $1983-85
Support levels are at: $1938-39, $1932, $1927
Probably, the main scenario is the resumption of the downward movement to $1939 (Jun 7 low).
The alternative scenario is a break of the MA 200 H1 level, followed by a rise to $1985 (May 24 high).
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