On Tuesday, the XAU/USD exchange rate tumbled to the 1,875.00 level. During today’s morning, the rate reversed north.
It is likely that yellow metal could face the resistance provided by the 55– and 100-hour SMAs near 1,900.00, therefore, the rate could go downwards in the short term.
Meanwhile, it is unlikely that bulls could prevail in the market, and the price for gold could exceed the resistance level—the monthly PP, located at the 1,909.25 mark.
