Yesterday, the XAU/USD exchange rate jumped to the 1,870.00 level.
It is likely that yellow metal could gain support from the Fibo 23.60% at 1,860.59 and extend gains against the US Dollar in the short term. In this case the exchange rate could target the psychological level at 1,900.00.
If the given support does not hold, some downside potential could prevail in the market. Note that the price for gold could gain support from the 55-, 100– and 200-hour SMAs in the 1,819.00/1,848.00 range.
