Yesterday, the XAU/USD exchange rate declined to the 1,795.00 level. During Friday morning, the rate reversed north.
Given that yellow metal is pressured by the 200-hour moving average near 1,802.00, it is likely that a reversal south could occur, and the rate could continue to trade within the short-term descending channel.
On the other hand, it is likely that the exchange rate could try to exceed the resistance formed by the 55– and 100-hour SMAs in the 1,805.00 area and reverse south within the following trading session
