Yesterday, the XAU/USD exchange rate dropped to the psychological level at 1,480.00. During Wednesday morning, the rate was trading near the given level.
Note that yellow metal is pressured by the 55-, 100– and 200-hour SMAs, currently located in the 1,488.54/1,497.67 area. Therefore, it is likely that the commodity could go downwards against the US Dollar in the short term.
On the other hand, gold could trade sideways against the Greenback in the 1,480.00/1,485.00 area within the following trading session. It is unlikely that bulls could prevail in the market, and the price for gold could breach the falling wedge pattern north.
