Yesterday, the XAU/USD exchange rate pierced the lower line of the medium-term ascending channel.

Given that yellow metal is pressured by the 55– and 100-hour moving averages in the 1,910.00 area. Thus, some downside potential could prevail in the market, and the price for gold could decline to 1,895.00.

Meanwhile, note that the exchange rate could gain support from the 200-hour moving average near 1,907.00. Thus, some upside potential could prevail in the market, and the rate could target the 1,925.00 mark.

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