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- Gold remains below MA 200 H1
Gold remains below MA 200 H1
The XAU/USD traded higher on Friday and closed the day in the positive territory around 2621. Today, gold traded in a tight range of 2617-27, staying close to Friday's close. On the hourly chart, XAU/USD is still trading below the MA (200) H1 moving average line (2654). 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 to sell for the formation of a correction.
- Resistance levels are at: 2631, 2649, 2658-64
- Support levels are at: 2600, 2583-87, 2554-59
Probably, the main scenario is a continuation of the downward movement to 2600 (low of the American session on Dec 20).
The alternative scenario is consolidation above MA 200 H1 with subsequent growth to 2725 (Dec 12 high).
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