Yesterday, the XAU/USD exchange rate tried to exceed the monthly R1 at 1,773.62. During Tuesday morning, the continued to test the given resistance.

It is likely that some upside potential could prevail in the market, as yellow metal could gain support from the 55– and 100-hour SMAs near 1,768.00. In this case the rate could exceed the 1,780.00 mark.

However, if the predetermined level holds, it is likely that a reversal south could occur. In this case the rate could re-test the lower boundary of the medium-term ascending channel circa 1,765.00.

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