Yesterday, the XAU/USD exchange rate reversed north from the trend line at 1,278.40.
Given that the rate is supported by the 55-hour SMA at 1,282.84, it is likely, that some upside potential could prevail in the market. The price for gold could target the psychological level at 1,288.00. Otherwise, the rate could trade sideways, trying to breach the given support.
It is unlikely, that the price for gold could slump lower than the 1,278.00 mark due to the support formed by a combination of the 100– and 200-hour moving averages.
