The yellow metal plunged by 145 pips or 0.76% against the US Dollar on Tuesday. The decline was stopped by the 55– and 100– hour SMAs during yesterday’s trading session.
As for the near future, the commodity could continue to edge lower. Bearish traders are likely to pressure the XAU/USD pair towards the 1870.00 during this session.
However, the 55– and 100– hour simple moving averages could still provide support for the exchange rate during the following trading session
