On Tuesday, the XAU/USD exchange rate tested the upper line of the short-term descending channel. During today’s morning, the rate reversed south.

From a theoretical perspective, it is likely that the exchange rate could continue to trade downwards within the given channel in the short term. In this case the rate could decline below 1,895.00.

In the meantime, it is unlikely that a breakout north could occur in the nearest future due to the resistance area formed by the 55-, 100– and 200-hour SMAs, as well the monthly PP in the 1,904.40/1,909.25 range

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