During Tuesday, the XAU/USD exchange rate jumped to the psychological level at 1,432.00. During Wednesday’s morning, the rate was testing the given level.
It is expected, that gold could continue to appreciate against the US Dollar in the short run, as the rate is supported by the 55-, 100– and 200-hour moving averages, currently located in the 1,423.00/1,425.67 range.
On the other hand, the price for gold could consolidate in the cluster between the psychological levels at 1,428.00 and 1,432.00 respectively. Also, it is unlikely, that the rate could tumble lower than 1,420.00 due to the support of the lower line of the rising wedge pattern.
