Yesterday, the XAU/USD exchange rate reached the resistance level formed by the monthly PP at 1,287.27.
Given that the rate is supported by the 55– and 100-hour SMAs located circa 1,284.00, it is likely, that some upside potential could prevail in the market. The gold could surpass the given resistance and reach the upper boundary of the falling wedge pattern at 1,290.00.
On the other hand, the price for gold could trade sideways between the given resistance and support. From a theoretical point of view, it is unlikely, that bears could prevail in the market, as the pair is trading within the short-term ascending channel.
