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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 zone around the price of 2303. Today, gold traded in a narrow range of 2301-2308, remaining close to yesterday's closing price. On the hourly chart, XAU/USD is still trading below the moving average line MA (200) H1 (2328). The situation is similar on the four-hour chart. Based on the above, it is probably worth sticking to the southern direction in trading and while gold remains below MA 200 H1, it may be necessary to look for entry points to sell at the end of the correction.
- Resistances levels are at: 2326, 2341, 2353
- Support levels are at: 2286, 2277, 2265-67
Probably, the main scenario is a continuation of the downward movement to 2286 (Jun 7 low).
The alternative scenario is consolidation above the 200 H1 MA with subsequent growth to 2387 (Jun 7 high).
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