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- Gold remains above MA 200 H1
Gold remains above MA 200 H1
Yesterday, the XAU/USD traded lower and closed the day in the red zone near the price of 2557. Today, gold has grown slightly, rising to the 2566 mark. On the hourly chart, XAU/USD is still trading above the moving average line MA (200) H1 (2543). The situation is similar on the four-hour chart. 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: 2580, 2600, 2700
- Support levels are at: 2545-46, 2523, 2513
Probably, the main scenario is the continuation of the upward movement to 2580 (high of the European session on Sep 18).
The alternative scenario is consolidation below MA 200 H1 followed by a fall to 2485 (Sep 9 low).
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