On Tuesday, the XAU/USD exchange rate failed to surpass the 1,710.00 level. During today’s morning, the rate was testing the lower line of the ascending triangle pattern.
From a theoretical point of view, it is likely that a reversal north could occur in the nearest future. In this case the price for gold could exceed the 1,710.00 mark.
However, note that the rate would have to surpass the 55– and 100-hour SMAs near 1,705.00. If the given resistance hold, a breakout south from the pattern could occur, and the price for gold could decline below 1,695.00.
