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- Gold remains above MA 200 H1
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 2714. Today, gold, on the contrary, fell slightly, falling to the 2658 mark. On the hourly chart, XAU/USD is still trading above the moving average line MA (200) H1 (2620). 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 to buy for the formation of a correction.
- Resistance levels are at: 2684, 2721, 2733
- Support levels are at: 2658, 2645, 2618
Probably, the main scenario is the continuation of the upward movement to 2684 (low of the American session on Nov 22).
The alternative scenario is consolidation below MA 200 H1 with a subsequent decline to 2536 (Nov 14 low).
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