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- Gold fell sharply
Gold fell sharply
Yesterday, the XAU/USD traded in different directions in the range of 2890-2930 and closed the day without significant changes. Today, gold fell sharply, falling to the 2890 mark. On the hourly chart, XAU/USD is still testing the support - the moving average line MA (200) H1 (2924). On the four-hour chart, gold still remains above the MA 200 H4 line. Based on the above, it is probably worth sticking to the northern direction in trading and while gold remains above MA 200 H1, it may be necessary to look for entry points for buying at the end of the correction.
- Resistance levels are at: 2921, 2930, 2944
- Support levels are at: 2888, 2877, 2864
Probably, the main scenario is the resumption of the upward movement to 2921 (session high).
An alternative scenario implies consolidation below MA 200 H1 with a subsequent decline to 2877 (Feb 14 low).
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