Yesterday, the XAU/USD exchange rate traded sideways in the 1,760.00 area. During Friday morning, the rate maintained its consolidation.
From the one hand, yellow metal could be pushed down by the 55-hour SMA to the lower line of the medium-term ascending channel circa 1,755.00. If the given channel holds, a reversal north could follow.
On the other hand, gold could gain support from the 100-hour SMA and extend gains against the US Dollar in the short term. In this case the price for gold could re-test the 1,780.00 level.
