On Thursday, gold tested the lower boundary of the descending triangle pattern at 1,282.56.
Given that the price for gold is pressured by the 55– and 100-hour SMAs, it is likely that the XAU/USD exchange rate trades down and re-tests the lower pattern line.
If the given resistance does not hold, it is expected that the rate extends gains and reaches the psychological level at 1,294.00.
