On Monday, the XAU/USD exchange rate declined to the lower boundary of the short-term descending channel at 1,453.00. During today’s morning, the rate reversed north.
From a theoretical perspective, it is likely that the price for gold could raise within the following trading session. In this case, the rate could reach the Fibonacci 23.60% retracement at the 1,462.89 mark.
However, note that yellow metal is pressured by the 55-hour SMA, currently located at 1,460.79. If the given resistance holds, it is likely that gold could depreciate against the Greenback in the short run.
