Yesterday, the XAU/USD exchange rate jumped to the 1,785.00 level. During Wednesday morning, the rate was trading near the given mark.
From a theoretical point of view, it is likely that some upside potential could continue to prevail in the market. In this case the rate could target the psychological level at 1,800.00.
On the other hand, it is likely that yellow metal could trade sideways against the US Dollar in the 1,780.00/1,790.00 area in the short term.
Also, it is unlikely that bears could prevail in the market, and the price for gold could decline below the 55-hour SMA near 1,775.00.
