Yesterday, the XAU/USD exchange rate revealed a short-term descending channel. During Tuesday morning, the rate was trading at 1,800.00.
From a theoretical point of view, it is likely that the rate could re-test the lower channel line circa 1,791.00 in the nearest future.
Note that yellow metal is pressured by the 55– and 100-hour SMAs near 1,804.00. Thus, it is likely that the rate could trade along the lower channel line in the nearest future.
