On Tuesday, the XAU/USD exchange rate dropped to the 1,890.00 level. During today’s morning, the rate reversed north.
It is likely that some downside potential could prevail in the market due to the resistance range formed by the 55-, 100– and 200-hour SMAs, as well the monthly PP in the 1,904.00/1,912.00 area.
In the meantime, if the 1,890.00 mark holds, it is likely that yellow metal could trade sideways against the US Dollar within the following trading session.
