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- Gold tests support for MA 200 H1
Gold tests support for MA 200 H1
Yesterday, the XAU/USD traded in different directions in the range of 1978-1990 and closed the day without significant changes. Today, gold also traded in a narrow 1982-87 range, remaining close to yesterday's closing price. On the hourly chart, XAU/USD is testing the strength of support - the moving average line MA (200) H1 (1984). On the four-hour chart, gold remains above the MA 200 H4 line. Based on the above, it is probably worth sticking to the north direction in trading and while gold remains above MA 200 H1, may be you need to look for entry points to buy at the end of the correction.
- Resistances levels are at: 1990-92, 2007-09, 2014
- Support levels are at: 1978, 1969, 1963
Probably, the main scenario is the resumption of the upward movement to $1990 (Nov 2 high).
The alternative scenario involves a breakout of the MA 200 H1 level followed by a fall to $1953 (Oct 24 low).
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