Technical Analysis
14.10.2024, 05:44

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 2656. Today, gold traded in a narrow range of 2642-2657, remaining near the closing price of Friday. On the hourly chart, XAU/USD is still trading above the moving average line MA (200) H1 (2641). 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: 2661, 2670-73, 2685
  • Support levels are at: 2635, 2616, 2602-04

Probably, the main scenario is a continuation of the upward movement to 2661 (Oct 11 high).

The alternative scenario is consolidation below MA 200 H1 followed by a fall to 2605 (Oct 10 low).

Quotes
Symbol Bid Ask Time
AUDUSD 0.62179 0.62183 22:55:00
EURUSD 1.03048 1.03055 22:55:00
GBPUSD 1.24289 1.24293 22:55:00
NZDUSD 0.56112 0.56124 23:55:00
USDCAD 1.44441 1.44449 22:55:00
USDCHF 0.9088 0.90887 22:55:00
USDJPY 157.268 157.275 22:55:00
XAGEUR 28.69 28.766 23:59:00
XAGUSD 29.586 29.643 23:59:00
XAUUSD 2638.8 2640.61 23:59:00

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