Yesterday, XAU/USD traded lower and closed the day in the red around 1937. Today, gold also fell slightly, dropping to 1934. On the hourly chart, XAU/USD is still trading above the MA (200) H1 (1929) moving average line. . The situation is similar on the four-hour chart. Based on the foregoing, it is probably worth sticking to the north direction in trading, and as long as gold remains above MA 200 H1, it may be necessary to look for entry points to buy at the end of the correction.
Probably, the main scenario is the continuation of the upward movement to $1946 (Sep 4 high).
The alternative scenario is a break of the MA 200 H1 level, followed by a fall to $1889 (Aug 22 low).
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