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- Gold is still testing the support of MA 200 H1
Gold is still testing the support of MA 200 H1
Yesterday, the XAU/USD traded in different directions in the range of 2605-2641 and closed the day without significant changes. Today, gold has grown slightly, rising to the 2642 mark. On the hourly chart, XAU/USD is still testing the support for strength - the moving average line MA (200) H1 (2631). 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 for buying at the end of the correction.
- Resistance levels are at: 2658, 2688, 2721
- Support levels are at: 2605, 2580, 2554-59
Probably, the main scenario is the resumption of the upward movement to 2658 (low of the Asian session on Nov 25).
The alternative scenario is consolidation below MA 200 H1 with a subsequent decline to 2536 (Nov 14 low).
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