Gold trades near 8-week high

Yesterday, the XAU/USD pair traded higher and closed the day in positive territory around $1,948. Today, gold was trading in the narrow range of $1,935-$49, staying near the 8-week high.

The XAU/USD hourly chart still holds above the moving average line MA (200) H1 ($1896). According to the four-hour chart, the situation is similar. Based on the above, it is probably worth sticking to the north direction in trading and as long as the pair remains above MA 200 H1, it is necessary to look for entry points to purchase to create a correction. 

Resiliences are: $1952, $1959, $1973 Support Levels are located at: $1926, $1915, $1893

The main scenario of the couple’s promotion is to continue moving up to $1952 (max November 5). The alternative scenario assumes a final consolidation below MA 200 H1, followed by a decrease to $1,873 (minimum as of November 2).

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