Yesterday, the XAU/USD exchange rate jumped to 1,795.00 level. During Wednesday morning, the rate breached the rising wedge pattern north.

On the one hand, it is likely that some upside potential could prevail in the market. Note that the nearest resistance level—the monthly R1, is located at 1,821.43.

On the other hand, it is likely that a reversal south could occur in the nearest future. In this case the rate could gain support from the 55-, 100– and 200-hour SMAs in the 1,775.00/1,786.00 area.

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