Yesterday, the XAU/USD exchange rate breached the rising wedge pattern south. During Thursday morning, the rate dropped below the 200-hour SMA near 1,945.00.
It is likely that some downside potential could prevail in the market in the short term, and the price for gold could target the 1,920.00/1,930 range.
In the meantime, it is unlikely that some upside potential could prevail in the market, and the price for yellow metal could exceed the 55– and 100-hour SMAs in the 1,955.00 area.
