Yesterday, the XAU/USD exchange rate reversed north from the 1,875.00 level.
Given that yellow metal is pressured by the 55-, 100– and 200-hour moving averages in the 1,895.00 area. Thus, some downside potential could prevail in the market in the short term.
In the meantime, it is unlikely that bulls could prevail in the market, and the exchange rate could exceed the resistance level—the monthly PP, located at 1,909.25.
