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- Gold tests resistance MA 200 H1
Gold tests resistance MA 200 H1
Yesterday, the XAU/USD traded higher and closed the day in the positive territory near the price of 2633. Today, gold also rose slightly, rising to the mark of 2642. On the hourly chart, XAU/USD is testing resistance - the moving average line MA (200) H1 (2617). On the four-hour chart, gold is still below the MA 200 H4 line. Based on the above, it is probably worth sticking to the southern direction in trading and while gold remains below MA 200 H1, it may be necessary to look for entry points for sale at the end of the correction.
- Resistance levels are at: 2642, 2675, 2704-10
- Support levels are at: 2617, 2607, 2580
Probably, the main scenario is the resumption of the downward movement to 2617 (low of the European session on Nov 19).
The alternative scenario is consolidation above MA 200 H1 with subsequent growth to 2710 (Nov 8 high).
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