Yesterday, the XAU/USD exchange rate touched the 1,895.00 level.
It is likely that yellow metal could gain support from the 55-hour moving average near 1,870.00 and extend gains against the US Dollar in the short term. A possible upside target is the 1,900.00/1,920.00 range.
In the meantime, it is unlikely that bears could prevail in the market, and the exchange rate could decline below 1,850.00/1,860.00 due to the support area formed by the 100– and 200-hour SMAs, as well the Fibo 23.60%.
