Yesterday, the XAU/USD exchange rate reversed south from the 55-hour SMA near 2,050.00. During Tuesday morning, the rate declined below 2,000.00.
Given that yellow metal is pressured by the 200-hour moving average, it is likely that some downside potential could prevail in the market. In this case the rate could target the psychological level at 1,960.00.
In the meantime, it is unlikely that bulls could prevail in the market, and the price for gold could exceed the 2,040.00 mark due to the resistance of the 55– and 100-hour SMAs.
