Last week, the XAU/USD exchange rate revealed a rising wedge pattern. During Monday, the rate was trading at 1,775.00.
It is likely that some upside potential could prevail in the market, as yellow metal could gain support from the 55-, 100– and 200-hour SMAs in the 1,770.00/1,775.00 area. In this case the rate could target the 1,785.00/1,790.00 area.
Meanwhile, if the exchange rate fails to exceed the psychological level at 1,780.00, it is likely that gold could consolidate against the US Dollar in the short run.
