The XAU/USD exchange rate has revealed a short-term descending channel.
From a theoretical point of view, it is likely that yellow metal could depreciate against the US Dollar within the predetermined trend in the short term. However, if the given channel does not hold, the rate could target the 1,885.00 mark.
In the meantime, it is unlikely that bulls could prevail in the market, and the price for gold could go upwards, as the exchange rate is pressured by the 55-, 100– and 200-hour SMAs in the 1,904.00/1,909.00 area.
