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- XAU/USD remains above MA (200) H1
XAU/USD remains above MA (200) H1
Yesterday, the XAU/USD pair was trading in the range of 2660-2678, but closed the day near the price of 2678. Today, gold started trading mainly with growth in the range of 2669-2683. On the hourly chart, XAU/USD is trading above the MA (200) H1 (2660) moving average line and above MA (200) H4 (2647) on the four-hour chart. Based on the above, it is probably worth sticking to the northern direction in trading and as long as gold remains above the MA 200 H1, it is necessary to look for entry points to buy to form a correction.
Resistance levels are at: 2698, 2726, 2763
Support levels are at: 2656-2660, 2645, 2615
The main scenario for the pair's advance assumes a breakout of the resistance of 2698 (Jan 10 high) and there may be an increase to 2726 (Dec 12 high)
An alternative scenario implies a breakout of the support 2656-2660 (Jan 13-14 lows, MA (200) H1), followed by a likely fall to 2645 (Jan 8 low).
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