The XAU/USD exchange rate has revealed a short-term descending channel.
From a theoretical perspective, it is likely that the price for gold could bounce off the upper channel line, and yellow metal could depreciate against the US Dollar in the short term.
In the meantime, it is unlikely that bulls could prevail in the market, and the exchange rate could exceed the resistance formed by the 200-hour moving average and the Fibo 23.60% near 1,861.00.
