On Tuesday, the XAU/USD exchange rate tested the psychological level at 1,450.00. During today’s morning, the rate was testing the resistance formed by the Fibo 23.60% and the 100-hour SMA at 1,462.89.
Given that yellow metal is supported by the 55-hour moving average at 1,458.09, it is likely that some upside potential could prevail in the market. In this case the rate could exceed the 200-hour SMA at 1,482.80.
If the given resistance level holds, it is likely that a reversal south could occur in the nearest future. In this case the rate could re-test the given psychological level.
