Yesterday, the XAU/USD exchange rate bounced off the 1,870.00 level.
Given that the yellow metal is pressured by the 55-, 100– and 200-hour moving averages in the 1,851.00/1,856.80 range, it is likely that some downside potential could prevail in the market. The rate could decline to the support level at 1,835.00.
If the predetermined support level holds, the exchange rate could reverse north and re-test the given resistance area. Otherwise, the price for gold could decline to the 1,825.00/1,830.00 area
