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- Gold continued Friday's decline
Gold continued Friday's decline
On Friday, the XAU/USD traded lower and closed the day in the red zone near the price of 2503. Today, gold also fell slightly, falling to the 2490 mark. On the hourly chart, XAU/USD is testing the support - the moving average line MA (200) H1 (2510). 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: 2524-29, 2600, 2700
- Support levels are at: 2490, 2478, 2470
Probably, the main scenario is the continuation of the upward movement to 2524 (high of the American session on Aug 30).
The alternative scenario is consolidation below MA 200 H1 with a subsequent decline to 2470 (Aug 22 low).
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