Technical Analysis
05.08.2022, 06:01

Gold is trading near a 5-week high

Yesterday, the XAU/USD traded higher and closed the day in positive territory near the price of $1751. Today, gold was trading in a narrow range of $1788-94, staying close to a 5-week high. On the hourly chart, XAU/USD is still trading above the MA (200) H1 ($1751) moving average line. The situation is similar on the four-hour chart. Based on the foregoing, it is probably worth sticking to the north direction in trading, and as long as the XAU/USD remains above MA 200 H1, it may be necessary to look for entry points to buy for the formation of a correction.

  • Resistances levels are at: $1794, $1804, $1812-14

  • Support levels are at: $1774, $1751-54, $1733-35

Probably, the main scenario is a continuation of the uptrend towards $1794 (Aug 4 high).

The alternative scenario is a break of the MA 200 H1 level, followed by a decline to $1711 (Jul 27 low).

Symbol Bid Ask Time

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