Yesterday the XAU/USD traded in different directions in the range of $1655-85 and closed the day without significant changes. Gold was also trading in a tight range of $1668-75 today, staying close to yesterday's closing price. On the hourly chart, XAU/USD is still trading below the moving average MA (200) H1 ($1682). 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 gold remains below MA 200 H1, it may be necessary to look for entry points to sell for the formation of a correction.
Resistances levels are at: $1685-87, $1698, $1706-09
Support levels are at: $1654-56, $1600, $1500
Probably, the main scenario is to move forward is a continuation of the downward movement towards $1655 (Sep 22 low).
The alternative scenario is a break of the MA 200 H1 level, followed by a rise to $1735 (Sep 12 high).
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