Yesterday, the XAU/USD exchange rate declined to the 1,400.00 level. During Wednesday’s morning, the rate tested the resistance formed by the 55-, 100– and 200-hour SMAs, located in the 1,407.04/1,411.32 range.
If the given resistance holds, it is expected, that the price for gold could go downwards. In this case, the rate could target the lower boundary of the short-term ascending channel located circa 1,395.00.
On the other hand, the exchange rate could trade sideways, trying to surpass the given moving averages.
