Yesterday, the XAU/USD exchange rate raised to the 1,980.00 level. During today’s morning, the rate reversed south.
From the one hand, it is likely that yellow metal could gain support from the 55-hour moving average near 1,920.00. Thus, it is likely that the rate could trade upwards in the short run.
From the other hand, it is likely that gold could trade downwards against the Greenback in the nearest future. In this case it is unlikely that the price for gold could decline below the 200-hour SMA and the monthly R2 circa 1,860.00.
