The XAU/USD exchange rate has declined to the 1,785.00 mark.
Given that yellow metal is pressured by the 55-, 100– and 200-hour SMAs in the 1,810.00/1,821.60 range, it is likely that some downside potential could continue to prevail in the market. Note that the nearest possible support level—the Fibo 38.20%, is located at 1,729.33.
In the meantime, it is unlikely that bulls could prevail in the market in the nearest future, and the price for gold could exceed the psychological level at 1,845.00
