Yesterday, the XAU/USD exchange rate continued to depreciate actively. During Wednesday morning, the rate reversed north from the 1,880.00 level.

It is likely that yellow metal could gain support from the monthly PP at 1,907.07 and recover in the short run. However, it is unlikely that the price for gold could exceed 1,983.00/2,014.00 due to the resistance of the 55-, 100– and 200-hour SMAs.

On the other hand, it is likely that the exchange rate could trade sideways around the monthly PP within the following trading session.

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