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- Gold tests support for MA 200 H1
Gold tests support for MA 200 H1
Yesterday, the XAU/USD traded lower and closed the day in the red zone around the 2019 price. Today, gold traded in a narrow 2017-2024 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 (2028). The situation is similar on the four-hour chart. 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: 2039, 2075, 2090
- Support levels are at: 2005-10, 1986-91, 1956-65
Probably, the main scenario for the pair’s progress is the resumption of upward movement by 2039 (Dec 5 high).
The alternative scenario involves consolidation below MA 200 H1 followed by a decline to 1986 (Nov 22 low).
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