Yesterday, the XAU/USD exchange rate tumbled below the monthly S1 located at the 1,862.47 mark.

Given that yellow metal is pressured by the 55-hour moving average near 1,886.00, it is likely that some downside potential could prevail in the market. In this case the rate could decline below 1,840.00.

In the meantime, it is unlikely that bulls could prevail in the market, and the price for gold could exceed the 100-hour moving average near 1,910.00.

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