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- Gold is trading below MA 200 H1 again
Gold is trading below MA 200 H1 again
Yesterday, the XAU/USD traded higher and closed the day in the positive territory near the price of 2652. Today, gold traded in a narrow range of 2647-58, remaining near yesterday's closing price. On the hourly chart, XAU/USD is still trading below the moving average line MA (200) H1 (2666). The situation is similar on the four-hour chart. 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 selling to form a correction.
- Resistance levels are at: 2664, 2672, 2690
- Support levels are at: 2643, 2634, 2624
Probably, the main scenario is a continuation of the downward movement to 2643 (Dec 16 low).
The alternative scenario is consolidation above MA 200 H1 with subsequent growth to 2725 (Dec 12 high).
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