Yesterday, the XAU/USD exchange rate breached the falling wedge pattern north and skyrocketed to the 1,300.00 level.
From the one hand, if the bulls continue to prevail in the market, the rate could maintain its growth in the nearest future. The price for gold could target the psychological level at the 1,305.00 mark.
Otherwise, if the demand for gold as for the safe-haven asset decreases, the exchange rate could trade down. It is unlikely, that the price for gold could drop lower than the 1,290.00 mark due to the support of the 55–hour SMA.
