Yesterday, the XAU/USD was trading lower and closed the day in the red around $1866. Today, gold was trading in a narrow range of $ 1860-67, staying near an 8-week low. On the hourly chart, XAU/USD is still trading below the moving average MA (200) H1 ($1877). The situation is similar on the four-hour chart. Based on the foregoing, it is probably worth sticking to the south direction in trading, and while the XAU/USD remains below MA 200 H1, it may be necessary to look for a sell entry point to form a correction.
Resistances levels are at: $1893-98, $1922, $1965
Support levels are at: $1851-53, $1795, $1773
Probably, the main scenario - is the continuation of the downward movement to $1853 (Nov 19 low). An alternative scenario - may be consolidation above MA 200 H1 with a subsequent rise to $1965 (Nov 9 high).
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