Since Tuesday, the XAU/USD exchange rate has been testing the resistance level—the Fibo 23.60% at 1,860.59.
From the one hand, it is likely that yellow metal could be pushed down by the 100-hour moving average near 1,870.00. In this case the exchange rate could decline below the 1,820.00 level.
From the other hand, yellow metal could gain support from the 55-hour moving average near 1,850.30. In this case the price for gold could try to exceed the 200-hour SMA near 1,898.00.
