On Tuesday, the XAU/USD exchange rate increased to the 1,540.00 level. During today’s morning, the rate declined to the Fibo 23.60% at 1,497.76.
If the given Fibonacci retracement holds, it is likely that some upside potential could prevail. In this case the rate would have to surpass the 200-hour SMA near 1,540.00.
On the other hand, it is likely that yellow metal could be remain under pressure of the 55-hour SMA near 1,510.00. In this case gold could trade sideways against the US Dollar in the short run.
