On Friday, the XAU/USD breached the medium-term ascending channel south.
It is likely that some downside potential could prevail in the market, as yellow metal is pressured by the 55-, 100– and 200-hour SMAs, as well the monthly PP in the 1,905.00/1,909.25 area.
Meanwhile, note that the exchange rate could gain support at the 1,895.00 mark. Therefore, gold could trade sideways against the US Dollar in the short term.
