Technical analysis

08 April 2021

13:40 Gold continues to test resistance MA 200 H1

Yesterday the XAU/USD traded in different directions in the range of $1730-$1743 and closed the day without significant changes. Today gold was trading in a narrow range of $1732-39, staying close to yesterday's closing price. On the hourly chart, XAU/USD continues to test resistance - the moving average MA (200) H1 ($1720). On the four-hour chart, gold remains below the MA 200 H4 line for now. Based on the above, it is probably worth sticking to the south direction in trading and until the XAU/USD finally consolidates above MA 200 H1, it may be necessary to look for a sell entry point at the end of the correction.

  • Resistances levels are at: $1745, $1755, $1775

  • Support levels are at: $1720, $1705-10, $1678-82

Probably, the main scenario - is the continuation of the downward movement to $1720 (Apr 5 low). An alternative scenario - may be final consolidation above the MA 200 H1 with a subsequent rise to $1755 (Mar 18 high).

08 April 2021, 14:06

AUD/USD remains below MA 200 H1

08 April 2021, 13:15

Oil remains below MA 200 H1

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