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- Gold remains below MA 200 H1
Gold remains below MA 200 H1
Yesterday, the XAU/USD traded higher and closed the day in the positive territory near the price of 2892. Today, gold traded in a narrow range of 2881-94, remaining near yesterday's closing price. On the hourly chart, XAU/USD is still trading below the moving average line MA (200) H1 (2911). 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 for sale at the end of the correction.
- Resistance levels are at: 2895, 2921, 2930
- Support levels are at: 2878, 2858, 2832-38
Probably, the main scenario is the resumption of the downward movement to 2878 (low of the American session on Mar 3).
An alternative scenario involves consolidation above MA 200 H1 with subsequent growth to 2955 (Feb 24 high).
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