Yesterday the XAU/USD traded in different directions in the range of $1778-$1796 and closed the day without significant changes. Today gold was trading in a narrow range of $1785-94, staying close to a 4-week low. On the hourly chart, XAU/USD is still trading below the moving average MA (200) H1 ($1840). 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 entry points to sell on the formation of a correction.
Resistances levels are at: $1812, $1822, $1849
Support levels are at: $1778, $1770, $1758
Probably, the main scenario is a downtrend to $1778 (Nov 24 low). An alternative scenario is consolidation above the MA 200 H1 with a subsequent rise to $1877 (Nov 16 high).
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