Yesterday, the XAU/USD exchange rate tried to breach the short-term ascending channel south. During today’s morning, the rate was testing the resistance of the 100-hour SMA at 1,426.59.
From a theoretical point of view, it is expected, that a reversal north should occur in the nearest future. Also, note, that the rate is supported by the 55– and 200-hour SMAs, currently located circa 1,420.00.
On the other hand, if the given moving averages hold, it is likely, that gold could maintain its consolidation against the US Dollar.
