Today, Monday during the European session, as well as on Friday, the XAU/USD pair demonstrated some stability below the 200-period simple moving average (SMA) on the 4-hour chart. However, the absence of further growth calls for caution from the bulls.
Moreover, the oscillators on the same chart are negative, warning that before opening long positions and preparing for further growth toward the $4150–4145 resistance, it is advisable to wait for the price to strengthen above the round $4100 level. This momentum could continue, allowing the precious metal to attempt another break above the round $4200 level.
On the other hand, weakness below the 200-period simple moving average around $4062 and the 100-period simple moving average on the 4-hour chart, which is currently near $4044, may find support close to Friday's low around $4032. Next comes the psychological level of $4000. A decisive break below it would make the price of the yellow metal vulnerable, accelerating the decline toward the intermediate support at $3931 on the way to the round $3900 level and the October low near $3886.
The material has been provided by InstaForex Company - www.instaforex.com
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Today, Monday during the European session, as well as on Friday, the XAU/USD pair demonstrated some stability below the 200-period simple moving average (SMA) on the 4-hour chart. However, the absence of further growth calls for caution from the bulls.
Moreover, the oscillators on the same chart are negative, warning that before opening long positions and preparing for further growth toward the $4150–4145 resistance, it is advisable to wait for the price to strengthen above the round $4100 level. This momentum could continue, allowing the precious metal to attempt another break above the round $4200 level.
On the other hand, weakness below the 200-period simple moving average around $4062 and the 100-period simple moving average on the 4-hour chart, which is currently near $4044, may find support close to Friday's low around $4032. Next comes the psychological level of $4000. A decisive break below it would make the price of the yellow metal vulnerable, accelerating the decline toward the intermediate support at $3931 on the way to the round $3900 level and the October low near $3886.
The material has been provided by InstaForex Company - www.instaforex.com