On Tuesday, the XAU/USD exchange rate tested the upper boundary of the short-term descending channel at 1.462.89. During today’s morning, the rate was trading near the given line.
From a theoretical point of view, it is likely that a reversal south could occur in the nearest future. In this case, the price for gold could decline to the psychological level at 1,454.00.
However, note that yellow metal is supported by the 55-hou moving average at 1,458.15. Thus, a breakout north could in the nearest future. In this case, the rate could reach the 200-hour SMA at 1,465.87.
