The price for gold reached the psychological level at 1,288.00 and dropped to trend line located at the 1.281.58.
The XAU/USD rate is supported by the 55-hour SMA at 1,281.00, thus, it is likely, that the rate reverses north in the nearest future. It is expected, that gold could try to surpass the given psychological level.
However, if the given support does not hold, it is likely, that the price for gold continues to decline. However, it is unlikely, that the rate could slump lower than 1,278.00 mark due to the support formed by the 100 and 200-hour SMAs.
