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- Gold is still testing the MA 200 H1 support
Gold is still testing the MA 200 H1 support
Yesterday, the XAU/USD traded higher and closed the day in the positive territory near the price of 2505. Today, gold fell slightly, falling to the 2501 mark. On the hourly chart, XAU/USD is testing the support - the moving average line MA (200) H1 (2504). 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 the MA 200 H1, it may be necessary to look for entry points for buying at the end of the correction.
- Resistance levels are at: 2507, 2518, 2529
- Support levels are at: 2482-85, 2470-71, 2450
Probably, the main scenario is a continuation of the upward movement to 2507 (session high).
The alternative scenario is consolidation below MA 200 H1 with a subsequent fall to 2471 (Sep 4 low).
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