As it was expected previously, the price for gold declined to the support level formed by the 55-, 100– and 200-hour SMAs, located circa the 1,410.00 mark.
If the given support holds, it is expected, that the XAU/USD exchange rate could reverse north within the following trading session.
However, it is unlikely, that gold could exceed the 1,435.00 mark against the US Dollar in the short term due to the resistance of the upper boundary of the long-term ascending channel.
If the given support does not hold, the price for gold could maintain its decline. A possible downside target is the 1,400.00 level.
