During Friday, the XAU/USD exchange rate tested the lower boundary of the medium-term ascending channel located circa 1,505.00. During today’s morning, the rate was trading near the given line.
From a theoretical point of view, it is likely that a reversal north could occur in the nearest future. However, it is unlikely that the price for gold could exceed the 1,530.00 mark due to the resistance of the 100– and 200-hour SMAs.
If the given channel does not hold, it is expected that a breakout south could occur within the following trading hours. A possible downside target is the monthly PP at the 1,492.35 mark.
