On Wednesday, the XAU/USD exchange rate reversed north from the lower boundary of the medium-term ascending channel. During today’s morning, the rate tried to surpass the 1,490.00 level.
Note that yellow metal is pressured by the 55-hour moving average, currently located at 1,491.81. Thus, the price for gold could re-test the lower channel line. If the given trend does not hold, a breakout south could occur.
However, if the given resistance does not hold, gold could extend gains against the US Dollar within the following trading session. Note that the rate could face the resistance formed by the 100- and 200-hour SMAs, as well the monthly PP at 1,500.00.
