Yesterday, the XAU/USD exchange rate broke the lower line of the rising wedge pattern. During Tuesday morning, the rate was testing the support provided by the 55-hour SMA near 1,973.00.
It is likely that yellow metal could gain support from the 100-hour moving average near 1,966.00 as well. Thus, it is likely that some upside potential could prevail in the market.
Meanwhile, note that the rate could face the resistance at the 1,990.00 level. Thus, it is likely that the price for gold could consolidate in the short run
