As apparent on the chart, the XAU/USD exchange rate continued to decline within a falling wedge pattern.
From a theoretical point of view, it is likely that the yellow metal could continue to move within the predetermined pattern in the short term. In this case the rate could decline below the 1,840.00 mark.
In the meantime, note that yellow metal is supported by the 55– and 100-hour moving averages in the 1,844.10/1,849.00 area. Thus, a breakout north could occur, and the price for gold could exceed the Fibo 23.60% at 1,860.59.
