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- Technical Analysis
- Gold has risen sharply
Gold has risen sharply
Yesterday, the XAU/USD traded in different directions in the range of 2620-2649 and closed the day without significant changes. Today, gold has risen sharply, rising to 2664. On the hourly chart, XAU/USD is still trading above the moving average line MA (200) H1 (2646). 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: 2664, 2688, 2721
- Support levels are at: 2633, 2620, 2605-10
Probably, the main scenario is a continuation of the upward movement to 2664 (session high).
The alternative scenario is consolidation below MA 200 H1 followed by a fall to 2605 (Nov 26 low).
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