Yesterday, the XAU/USD exchange rate consolidated in the 1,910.00 area. During Wednesday morning, the rate dropped to 1,880.00
From the one hand, it is likely that a reversal north could occur in the nearest future. In this case it is unlikely that the price for gold could exceed the resistance formed by the 55-, 100– and 200-hour SMAs in the 1,912.00/1,942.00 area.
On the other hand, it is likely that some downside potential could prevail in the market. Note that the nearest support level—the monthly S1, is located at the 1,862.47 mark.
