Since Thursday, the XAU/USD exchange rate has been trading sideways around the monthly S1 at 1,862.47.
Given that yellow metal is pressured by the 55– and 100-hour moving averages in the 1,870.00 area, it is likely that some downside potential could prevail in the market.
In the meantime, it is likely that the exchange rate could gain support at 1,850.00. If the given support holds, the rate could maintain its consolidation in the short term.
