Yesterday, the XAU/USD exchange rate re-tested the upper boundary of the long-term ascending channel at 1,475.00. During Tuesday’s morning, the rate was trading at the 1,460.00 level.
From a theoretical point of view, it is expected, that some downside potential could prevail in the market. However, note, that gold could face the support of the 55-, 100– and 200-hour SMAs, as well the monthly R1 in the 1,420.38/1,451.78 range.
On the other hand, the price for gold could consolidate in the short term, as the exchange rate could continue to test the given upper channel line
