Yesterday, the XAU/USD exchange rate pierced the lower line of the medium-term ascending channel. During Thursday morning, the rate was testing the 55– and 100-hour SMAs in the 1,773.00 area.

If the given moving averages hold, it is likely that some downside potential could prevail in the market. In this case the rate could target the 1,755.00/1,760.00 area.

Meanwhile, note that yellow metal could gain support from the 200-hour SMA near 1,766.00. Thus, gold could consolidate against the US Dollar in the short term.

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