Yesterday, the XAU/USD traded lower and closed the day in the red zone near the price of 1908. Today, gold, on the contrary, rose slightly, rising to the level of 1912. On the hourly chart, XAU/USD is still trading below the moving average line MA (200) H1 (1924) . The situation is similar on the four-hour chart. Based on the above, it is probably worth sticking to the southern 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.
Probably, the main scenario is the resumption of the downward movement to $1905 (Sep 13 low).
The alternative scenario involves a breakout of the MA 200 H1 level followed by growth to $1952 (Sep 1 high).
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