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The XAU/USD pair is trading around 1761.0, continuing its upward correction, which is more and more reminiscent of a new full-fledged trend.

The US dollar fell to its lowest level since the beginning of August and is now trading around 106.700 in the USD Index against 112.000 last week, and since the price of gold is pegged to the dollar, the metal quotes are actively strengthening. Another driver of the positive dynamics of the trading instrument is the crisis in the cryptocurrency market: BTC is trading near 16000.00, significantly below the average prices at the beginning of the year (45000.00–47000.00), and there are few prospects for a change in trend for digital assets. Several major exchanges, such as Celsius and Voyager Digital LLC, recently filed for bankruptcy. The pressure on the sector is exerted by the situation around the FTX site, which began to develop after the head of the world's largest platform Binance, Changpeng Zhao, announced that he was withdrawing from the investment agreement with the company and refusing to operate with its FTT token due to liquidity problems associated with its misappropriation of customer funds. On Friday, the management of the FTX Group filed for bankruptcy, and Sam Bankman-Fried left the post of chief executive officer, which put significant pressure on the crypto market, and its investors began to withdraw their capital from digital assets massively.

Thus, the weakness of the US dollar and a deep crisis in the cryptocurrency market may provoke an additional influx of investors into gold.

On the daily chart of the asset, the price has left the global downward channel and is forming a full-fledged upward correction.

Technical indicators reversed and gave a buy signal: fast EMAs on the Alligator indicator are above the signal line, and the AO oscillator histogram forms upward bars in the buying zone.

Resistance levels: 1780.0, 1850.0. | Support levels: 1746.0, 1695.0.