On Friday, the XAU/USD exchange rate reversed north from the lower boundary of the falling wedge pattern.
From a theoretical point of view, it is likely that the rate could trade upwards in the nearest future, as it should target the upper pattern line located in the 1,825.00/1,830.00 range.
In the meantime, note that yellow metal could face the resistance formed by the 200-hour SMA near 1,809.00. Thus, the price for gold could trade sideways, supported by the 55– and 100-hour SMAs in the 1,785.00 area.
