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- Gold remains above MA 200 H1
Gold remains above MA 200 H1
The XAU/USD traded lower on Friday and closed the day in the red around $1814. Gold traded in the $1808-16 range today, staying close to Friday's close. On the hourly chart, XAU/USD is still trading above the MA line (200) H1 ($1807). The situation is similar on the four-hour chart. Based on the above, it is probably worth sticking to the northern direction in trading and while the XAU/USD remains above MA 200 H1, it may be necessary to look for buy entry points at the end of the correction.
Resistances levels are at: $1825, $1832-33, $1840
Support levels are at: $1806, $1790-92, $1785
Probably, the main scenario is an upward movement to $1825 (high of the American session on Jul 30). An alternative scenario is a final consolidation below the MA 200 H1, followed by a decline to $1789 (Jul 23 low).
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