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- XAU/USD is trading slightly below the historical maximum
XAU/USD is trading slightly below the historical maximum
Yesterday, the XAU/USD pair mostly declined from a historical high of 2941 to 2881 and closed the session near the price of 2900. Today, gold started trading in the range of 2883-2900. On the hourly chart, XAU/USD remains above the MA (200) H1 (2851) moving average line and above MA (200) H4 (2732) 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.
Resistance levels are at: 2912, 2941, 3000
Support levels are at: 2881, 2852, 2834
The main scenario for the pair's advance assumes a breakout of the resistance of 2912 (Feb 10 high) and there may be an increase to 2941 (Feb 11 high)
An alternative scenario implies a breakout of the support 2881 (Feb 11 low) and there may be a decline to 2852 (Feb 7 low).
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