The yellow metal’s price edged higher by 267 pips or 1.55% on Wednesday. The surge was stopped by the 100– hour simple moving average during yesterday’s trading session.
All things being equal, the commodity could continue to edge higher in an ascending channel pattern through the following trading session. The potential target for the precious metal would be near the 1800.00 level.
However, the 200– hour SMA at 1781.8 might provide resistance for the XAU/USD exchange rate in this session.
