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- Gold is still testing the resistance of MA 200 H1
Gold is still testing the resistance of MA 200 H1
Yesterday, the XAU/USD traded in different directions in the range of 2319-2336 and closed the day without significant changes. Today gold traded in a narrow range of 2326-32, remaining close to yesterday's closing price. On the hourly chart, XAU/USD is still testing the strength of resistance - the moving average line MA (200) H1 (2327). On the four-hour chart, gold still remains below the MA 200 H4 line. 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: 2339, 2368, 2387
- Support levels are at: 2318, 2293-96, 2286
Probably, the main scenario is a continuation of the downward movement to 2318 (Jul 1 low).
The alternative scenario is consolidation above MA 200 H1 with subsequent growth to 2368 (Jun 21 high).
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