On Thursday, the XAU/USD exchange rate failed to exceed the 1,740.00 level. During today’s morning, the rate was trading at 1,690.00.
Note that yellow metal is squeezed by 55-, 100– and 200-hour moving averages, located near 1,716.00 and 1,684.00 respectively. Thus, the rate could consolidate in the nearest future.
However, if the 200-hour SMA does not hold, it is likely that the price for gold could continue to go downwards. In this case the rate could target the psychological level at 1,660.00.
