On Tuesday, the XAU/USD exchange rate skyrocketed to the upper boundary of the long-term ascending channel at the 1,435.00 mark. During today’s morning, the rate reversed south.
From a theoretical point of view, it is expected, that the price for gold could continue to decline. Note, that gold is supported by the 55-, 100– and 200-hour SMAs, currently located in the 1,400.09/1,406.96 range.
On the other hand, the exchange rate could reverse north from the psychological level at 1,425.00 and re-test the upper channel line. It is unlikely, that the price for gold could exceed the 1,439.58 mark due to the resistance of the Fibonacci 0.00% retracement.
