The XAU/USD exchange rate has revealed a medium-term falling wedge pattern.
From a theoretical point of view, it is likely that the exchange rate could trade upwards within the predetermined pattern in the short term. The rate could target the 200-hour SMA near 1,820.00.
Meanwhile, note that yellow metal is pressured by the 55– and 100-hour SMAs in the 1,794.30/1,806.40 range. Thus, the price for gold could decline along the lower pattern line in the short run.
