On Wednesday, the yellow metal’s price declined by 108 pips or 0.61%. The commodity breached the 55– hour simple moving average during yesterday’s trading session.
The exchange rate breached the lower boundary of an ascending channel pattern during the Asian session on Thursday. Most likely, bearish traders could continue to drive the price lower today.
On the other hand, the XAU/USD exchange rate might reverse from a support level formed by the 100– hour SMA at 1779.2 within this session.
