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- Gold tests support MA 200 H1
Gold tests support MA 200 H1
Yesterday, the XAU/USD traded lower and closed the day in the red zone near the price of 2408. Today, gold traded in a narrow range of 2404-2418, remaining near yesterday's closing price. On the hourly chart, XAU/USD is testing the support - the moving average line MA (200) H1 (2410). On the four-hour chart, gold still remains above the MA 200 H4 line. 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 for buying at the end of the correction.
- Resistance levels are at: 2445, 2458, 2477
- Support levels are at: 2364, 2353, 2349
Probably, the main scenario is a continuation of the upward movement to 2445 (the high of the European session on Aug 5).
The alternative scenario is consolidation below MA 200 H1 with a subsequent decline to 2353 (Jul 25 low).
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