On Tuesday, the XAU/USD exchange rate tried to surpass the 200-hour SMA near 1,707.00. During today’s morning, the rate was trading in the 1,705.00 area.
On the one hand, it is likely that yellow metal could remain under pressure of the given moving average and trade downwards against the US Dollar in the short term. A possible downside target is the 1,690.00 level.
On the other hand, the exchange rate could gain support from the 55-hour SMA near 1,702.00 and trade upwards in the nearest future. In this case the price for gold could reach the 1,720.00 level.
