Yesterday, the XAU/USD exchange rate declined to the support level at 1,835.00.
If the predetermined support level holds, the price for gold could reverse north and target the resistance level formed by the Fibonacci 23.60% retracement at the 1,860.59 mark.
In the meantime, note that yellow metal is pressured by the 55-, 100– and 200-hour moving averages near 1,850.00. Thus, some downside potential could continue to prevail in the market.
