On Tuesday, Gold declined by 185 pips or 1.02% against the US Dollar. The commodity breached the 55-, 100– and 200– hour SMAs during Tuesday’s trading session.
Bearish traders are likely to continue to drive the yellow metal’s price lower during the following trading session. The potential target for sellers will be near the 1795.00 area.
However, the support line near the 1800.00 mark could provide support for the XAU/USD exchange rate in the shorter term.
