FX.co ★ XAU/USD, GOLD

Hello traders, Gold XAU/USD (H1) is trading below the day's opening level of 4104.00 and below the daily Pivot level of 4088.00. The main indicators currently show a bearish trend, with the price below the MA72 trend line, where volume unloading usually occurs. A price increase above the level of 4068.00 will allow the price to move towards the level of 4088.00 or even higher towards 4125.00. Below the level of 4068.00, the pair will head south towards the level of 4060.00 and may even go lower to 4039.00. The pair is trading near the monthly Pivot level of 4068.09 (previous 3722.79), below the weekly Pivot level of 4109.00, and below the daily Pivot level, indicating a corrective sentiment for the pair. The pivot point for this session is the monthly Pivot level of 4068.09. Resistance is at 4109.00, with the first support at 4050.00.