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- XAU/USD is trading near a historical high
XAU/USD is trading near a historical high
On Friday, the XAU/USD pair was trading in the range of 2852-2886, but closed the session near the price of 2862. Gold started trading higher today, breaking out to a historic high of 2886. On the hourly chart, XAU/USD remains above the MA (200) H1 (2819) moving average line and above MA (200) H4 (2715) on the four-hour chart. Based on the above, it is probably worth sticking to the northern direction in trading and as long as gold remains above the MA 200 H1, it is necessary to look for entry points to buy.
However, it is worth noting that the 14-day relative strength index (RSI (14) on D1) is above the 70 level, which signals a possible change in the direction of price movement.
Resistance levels are at: 2900, 3000, 3100
Support levels are at: 2852, 2834, 2807
The main scenario for the pair's progress involves an increase to the psychological level of 2900
An alternative scenario implies a breakout of the support 2852 (Feb 7 low) and there may be a decline to 2834 (Feb 6 low).
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