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- Gold remains above MA 200 H1
Gold remains above MA 200 H1
On Friday, the XAU/USD traded higher and closed the day in the positive territory near the price of 2430. Today, gold traded in a narrow range of 2423-2433, remaining near the closing price of Friday. On the hourly chart, XAU/USD is still trading above the moving average line MA (200) H1 (2418). 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: 2445, 2458, 2477
- Support levels are at: 2416, 2402, 2378-80
Probably, the main scenario is the resumption of the upward movement to 2445 (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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