The XAU/USD exchange rate has revealed a short-term ascending channel.
From a theoretical point of view, it is likely that the exchange rate could re-test the lower channel line located in the 1,895.00/1,900.00 range. If the given channel holds, a reversal north could follow.
However, if the predetermined channel does not hold, a breakout south could occur, and the price for gold could decline to the 200-hour moving average located near 1,885.50.
