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- Gold tests support for MA 200 H1
Gold tests support for MA 200 H1
On Friday, the XAU/USD traded higher and closed the day in the positive territory near the price of 1992. Today, gold, on the contrary, fell a little, dropping to the 1981 mark. On the hourly chart, XAU/USD is testing the strength of support - the moving average line MA (200) H1 ( 1986). 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: 2003, 2007-09, 2014
- Support levels are at: 1978, 1969, 1963
Probably, the main scenario is the resumption of the upward movement towards $2003 (Nov 3 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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