Yesterday, the XAU/USD exchange rate tested the lower boundary of the falling wedge pattern located circa 1,270,00.

From a theoretical point of view, the rate should reverse north and try to surpass the resistance level formed by a combination of the 55– and 100-hour SMAs, as well the monthly S1 and the Fibonacci 38.20% at 1,273.68.

If the given pattern does not hold, a breakout south might occur in the nearest future. It is likely, that the price for gold could target the psychological level at 1,265.00 mark.

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