During yesterday’s trading session, the price for gold dropped to the psychological level at 1,290.
Given that the XAU/USD exchange rate is pressured by the 200-hour SMA at 1,295.67, it is likely, that some downside potential prevails in the market for the short run. A possible downside target is the psychological level at 1,285.00.
On the other hand, the price for gold could trade sideways, trying to surpass the given resistance level.
It is the unlikely case, that the rate breaches the given resistance and jumps higher than 1,300.00 level due to the resistance formed by a combination of the 55– and 100-hour SMAs, as well the monthly PP
