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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 2410-2477 range and closed the day without significant changes. Today, gold also traded in the 2413-2456 range, remaining near yesterday's closing price. On the hourly chart, XAU/USD is still trading above the MA (200) H1 moving average line (2408). On the four-hour chart, the situation is similar. 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 for the formation of a correction.
- Resistance levels are at: 2477-83, 2500, 2600
- Support levels are at: 2403-10, 2383, 2369
Probably, the main scenario is a continuation of the upward movement to 2477 (Aug 2 high).
The alternative scenario is consolidation below MA 200 H1 with a subsequent decline to 2353 (Jul 25 low).
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