During previous trading session, the XAU/USD exchange rate touched the 1,920.00 level. During Monday morning, the rate pierced the 55-hour SMA near 1,935.00.
It is likely that yellow metal could remain under pressure of the given moving average and trade dowwards in the short run. A possible downside target is the 1,910.00/1,915.00 range.
In the meantime, it is unlikely that bulls could prevail in the market, and the price for gold could exceed the 1,950.00 mark due to the resistance formed by the 100– and 200-hour SMAs.
