Since Friday evening, the XAU/USD exchange rate has been testing the resistance formed by the Fibo 23.60% and the 55-hour SMA circa 1,860.00.
It is likely that yellow metal could remain under pressure of the predetermined resistance. Thus, the commodity could depreciate against the US Dollar within the following trading session.
In the meantime, note that that the exchange rate could gain support from the 200-hour moving average near 1,850.00. Thus, the price for gold could target the 1,875.00 level.
