13:36 Gold is testing support for MA 200 H1
The XAU/USD traded lower on Friday and closed the day in the red around $1767. Today gold was trading in a narrow range of $1764-72, staying close to Friday's close. On the hourly chart, XAU/USD is testing the strength of the support - the moving average MA (200) H1 ($1767). 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: $1790, $1800, $1806-08
Support levels are at: $1758, $1745, $1735
Probably, the main scenario is an upward movement to $1790 (high of the European session on Oct 15). An alternative scenario is a final consolidation below the MA 200 H1, followed by a decline to $1722 (Sep 30 low).
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