During Wednesday, the XAU/USD exchange rate traded sideways between the Fibonacci 38.20% retracement and the 55-hour SMA, located at 1,273.68 and 1,275.60 respectively.
Note, that the rate is also pressured by the 100-hour moving average, currently located at 1,276.87. Thus, if the given support level does not, it is likely, that bears could prevail in the market. A possible downside target is the 1,270.00 level.
On the other hand, the exchange rate could continue to trade sideways between the given support and resistance levels. If the given moving averages do not hold, the price for gold could rise to the 1,280.00 level.
