During Monday morning hours, the XAU/USD exchange rate was testing the psychological level at 1,820.00.
It is likely that some downside potential could prevail in the market, as yellow metal is pressured by the 100– and 200-hour moving averages in the 1,822.00/1,836.30 range. The rate could decline to 1,780.00/1,790.00.
In the meantime, note that the exchange rate could gain support from the 55-hour moving average near 1,807.45. Thus, the price for gold could target the Fibo 23.60% at 1,860.59.
