On Tuesday, the XAU/USD exchange rate declined to the monthly PP at 1,722.34. During today’s morning, the rate declined below the given level.
Given that yellow metal is pressured by the 55-, 100– and 200-hour moving averages in the 1,730.00 area. Thus, some downside potential could prevail in the market.
On the other hand, it is likely yellow metal could trade sideways against the US Dollar in the 1,720.00 area within the following trading session.
Meanwhile, it is unlikely that bulls could prevail, and the price for gold could exceed the psychological level at 1,745.00.
