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- Gold continued yesterday's growth
Gold continued yesterday's growth
Yesterday, the XAU/USD traded higher and closed the day in the positive territory near the price of 2648. Today, gold also rose slightly, rising to the 2660. On the hourly chart, XAU/USD is trading above the moving average line MA (200) H1 (2611). On the four-hour chart, gold remains below 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 to buy for the formation of a correction.
- Resistance levels are at: 2675, 2704-10, 2733
- Support levels are at: 2645, 2618, 2607
Probably, the main scenario is the continuation of the upward movement to 2675 (high of the American session on Nov 11).
The alternative scenario is consolidation below MA 200 H1 with a subsequent decline to 2536 (Nov 14 low).
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