During previous trading session, the XAU/USD exchange rate touched 1,960.00 level. During Monday morning, the rate pierced the lower line of the short-term descending channel.
It is likely that some downside potential could prevail in the market, and the price for gold could target the 1,920.00/1,925.00 area.
In the meantime, it is unlikely that bulls could prevail in the market, and the exchange rate could exceed the resistance formed by the 55-, 100– and 200-hour SMAs in the 1,950.00 area.
