Yesterday, the XAU/USD exchange rate jumped to the 1,445.00 level. During today’s morning, the rate declined to the 1,440.00 mark.
From the one hand, it is likely, that the price for gold could continue to go downwards. It is unlikely, that the rate could tumble lower than the 1,421.21/1,424.44 range due to the support of the 55-, 100– and 200-hour SMAs.
On the other hand, gold could trade sideways against the US Dollar in the 1,440.00/1,445.00 area in the short term. It is unlikely, that the rate could exceed the 1,452.00 mark due to the resistance of the Fibo 0.00%