Yesterday, the XAU/USD exchange rate traded sideways around the psychological level at 1,410.00.
Given, that the rate is pressured by the 55– and 100-hour SMAs, currently located at 1,410.93 and 1,416.08 respectively, it is expected, that gold could depreciate against the US Dollar. A possible downside target is the psychological level at 1,390.00.
On the other hand, the exchange rate could continue to trade sideways in the short term, trying to surpass the given moving averages.
