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Since the beginning of November, the XAU/USD pair has been correcting upwards in relation to the long-term downward trend.

Currently, the quotes are testing the mark of 1843.75 (Murray level [7/8], Fibo retracement 50.0%), trying to consolidate above it, which will allow the instrument to strengthen to the levels of 1875.00 (Murray level [8/8]) and 1887.50 (Fibo retracement 61.8%) in the future. The key for the "bears" is the area of the level of 1781.25 (Murray level [5/8], Fibo retracement 38.2%, the middle line of the Bollinger Bands), the breakdown of which will be the catalyst for a decline to the levels of 1750.00 (Murray level [4/8]) and 1718.75 (Murray level [3/8]). Nevertheless, such a variant of price movement seems less likely at the moment, since the upward correction trend persists, which is confirmed by the technical indicators: the Bollinger Bands and the Stochastic are reversing upwards, and the MACD histogram is stable in the negative zone.

Resistance levels: 1843.75, 1875.00, 1887.50. | Support levels: 1781.25, 1750.00, 1718.75.