Yesterday, the XAU/USD exchange rate traded sideways between the Fibonacci 38.20% retracement at 1,273.68. and the 1,280.00 level.
Given that gold is pressured by the 55-hour moving average, currently located at 1,279.39, it is unlikely, that bulls could prevail in the market in the short term.
If the given support level holds, it is expected, that the price for gold could maintain its consolidation.
Otherwise, it is expected, that some downside potential could prevail in the market, and the rate could target the psychological level at 1,270.00.
