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- Technical Analysis
- XAU/USD is trading near a historical high
XAU/USD is trading near a historical high
Yesterday, the XAU/USD pair mostly rose from 2840 to a historic high of 2882 and closed the session near the price of 2867. Today, gold is trading in the range of 2859-2874. The pair broke through the resistance of 2832, which became the closest support. On the hourly chart, XAU/USD remains above the MA (200) H1 (2793) moving average line and above MA (200) H4 (2700) 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.
Resistance levels are at: 2882, 2900, 3000
Support levels are at: 2832, 2807, 2772
The main scenario for the pair's progress suggests a breakout of the resistance of 2882 (Feb 5 high) and there may be an increase to the psychological level of 2900
An alternative scenario implies a breakout of the support 2832 (Feb 3 high) and there may be a decline to 2807 (Feb 4 low).
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