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- Gold remains above MA 200 H1
Gold remains above MA 200 H1
On Friday, the XAU/USD traded mixed in the range of 1978-1993 and closed the day without significant changes. Today, gold also traded in the 1973-1985 range, remaining close to Friday's closing price. On the hourly chart, XAU/USD is still trading above the moving average line MA (200) H1 (1960). The situation is similar on the four-hour chart. Based on the above, it is probably worth sticking to the northern direction in trading and while gold remains above MA 200 H1, it may be necessary to look for entry points to buy when a correction is formed.
- Resistances levels are at: 1993-1995, 2003, 2007-2009
- Support levels are at: 1973, 1961, 1955-56
Probably, the main scenario is a continuation of the upward movement towards 1993 (Nov 17 high).
The alternative scenario involves consolidation below MA 200 H1 with a subsequent decline to 1931 (Nov 13 low).
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