Yesterday, the XAU/USD exchange rate reversed north from the 55-hour SMA. During Wednesday morning, the rate was testing the 1,960.00 level.
It is likely that yellow metal could gain support from the given moving average and trade upwards in the nearest future.
Meanwhile, note that the exchange rate could face the resistance at the 1,980.00 mark. If the rate fails to exceed the predetermined level, it is likely that the price for gold could consolidate.
