The XAU/USD exchange rate continues to trade sideways in the 1,845.00 area.
It is likely that yellow metal could gain support from the 100– and 200-hour moving averages in the 1,830.00 area. Thus, some upside potential could prevail in the market, and the rate could target the 1,870.00/1,880.00 range.
In the meantime, note that the exchange rate could face the resistance level—the Fibo 23.60% at 1,860.59. If the predetermined level holds, gold could continue to trade sideways against the US Dollar in the short run.
