The yellow metal declined by 133 pips or 0.70% against the US Dollar on Thursday. The commodity breached the 55– hour simple moving average during yesterday’s trading session.
As for the near future, the exchange rate could continue to edge lower. Bearish traders are likely to target the 200– hour SMA at 1881.2 during the following trading session.
However, the 100– hour moving average at 1891.6 might provide support for the XAU/USD exchange rate in the shorter term.
