Yesterday, the XAU/USD exchange rate was volatile due to the US Presidential election.
It is likely that yellow metal could gain support from the 55-hour moving average near 1,901.00. Thus, some upside potential could prevail in the market in the short run. The rate could re-test the psychological level at 1,930.00.
In the meantime, it is unlikely that bears could prevail in the market, and the price for gold could decline below the support provided by the 100– and 200-hour SMAs near 1,894.00.
