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- Gold traded near 5-week low
Gold traded near 5-week low
Yesterday, the XAU/USD traded mixed in the range of 2587-2626 and closed the day without significant changes. Today, gold also traded in a narrow range of 2589-2603, remaining near a 5-week low. On the hourly chart, XAU/USD is still trading below the moving average line MA (200) H1 (2660). On the four-hour chart, the situation is similar. 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 to sell for the formation of a correction.
- Resistance levels are at: 2626, 2649, 2658-64
- Support levels are at: 2583-87, 2554-59, 2536
Probably, the main scenario is a continuation of the downward movement to 2587 (Dec 19 low).
The alternative scenario is consolidation above MA 200 H1 with subsequent growth to 2725 (Dec 12 high).
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