On Tuesday, the yellow metal edged lower by 196 points or 1.08% against the US Dollar. The decline was topped by the 55– hour simple moving average during Tuesday’s trading session.
Given that the exchange rate has bounced off the support line formed by the 50– hour SMA at 1794.57, the commodity is likely to continue to surge in an ascending channel pattern within this session.
On the other hand, the XAU/USD exchange rate might reverse from the current price level at 1802.4 and target the 1780.11 area during the following trading session.
