Since Thursday, the XAU/USD exchange rate has been trading sideways near 1,840.00.
It is likely that yellow metal could gain support from the 100– and 200-hour SMAs in the 1,813.00/1,827.00 range. Thus, some upside potential could prevail in the market, and the price for gold could target the Fibo 23.60% at 1,860.59.
In the meantime, note that the exchange rate could be pushed down by the 55-hour moving average near 1,838.00. In this case the rate could target the 1,790.00/1,800.00 area.
