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- Gold tests support MA 200 H1
Gold tests support MA 200 H1
Yesterday, the XAU/USD traded lower and closed the day in the red zone near the price of 2743. Today, gold, on the contrary, rose slightly, rising to the mark of 2752. On the hourly chart, XAU/USD is testing the support for strength - the moving average line MA (200) H1 (2746). 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: 2770, 2790, 2800
- Support levels are at: 2727-31, 2716, 2708
Probably, the main scenario is the continuation of the upward movement to 2770 (Oct 30 low).
The alternative scenario is consolidation below MA 200 H1 followed by a fall to 2708 (Oct 23 low).
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