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- Gold rose slightly
Gold rose slightly
Yesterday, the XAU/USD traded higher and closed the day in the positive territory around the price of 2421. Today, gold rose slightly, rising to the level of 2431. On the hourly chart, XAU/USD is still trading above the moving average line MA (200) H1 (2381). 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, may be need to look for entry points to buy when a correction is formed.
- Resistances levels are at: 2439, 2449, 2500
- Support levels are at: 2411, 2400, 2391
Probably, the main scenario is the continuation of the upward movement to 2439 (Jul 15 high).
The alternative scenario is consolidation below MA 200 H1 followed by a decline to 2349 (Jul 9 low).
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