On Tuesday, the price for gold raised towards the 100-hour SMA, currently located at 1,293.16. On Wednesday morning, the XAU/USD exchange rate tried to surpass the given resistance.
If the given resistance holds, it is likely that the market remains down-oriented. A possible downside target is the psychological level at the 1,285.00 mark.
On the other hand, the price for gold could use the support from the 55-hour SMA and continue to increase. In this case, the rate could reach the monthly PP at 1,299.44.
