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- Technical Analysis
- Gold has risen sharply
Gold has risen sharply
On Friday, the XAU/USD traded higher and closed the day in the positive territory near the price of 3084. Today, gold has also risen sharply, rising to the 3111 mark. On the hourly chart, XAU/USD is still trading above the moving average line MA (200) H1 (3037). On the four-hour chart, the situation is similar. 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 to buy for the formation of a correction.
- Resistance levels are at: 3111, 3200, 3300
- Support levels are at: 3076, 3065-67, 3047
Probably, the main scenario is continued growth to 3111 (session high).
An alternative scenario implies consolidation below MA 200 H1 with a subsequent decline to 3000 (Mar 21 low).
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