Yesterday, the XAU/USD exchange rate dropped to the lower boundary of the short-term ascending channel at the 1,284.00 mark.

During today’s morning, the rate was testing the given boundary. From a theoretical point of view, it is expected, that a reversal north could occur in the nearest future. However, note, that gold has to surpass the 200-hour SMA at 1,289. 15.

If the given channel does not hold, it is likely, that a breakout south occurs soon. In this case the exchange rate could target the psychological level located at 1,280.00.

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