On Tuesday, the XAU/USD exchange rate traded downwards along the upper boundary of the medium-term descending channel. During today’s morning, the rate was trading at 1,565.00.
Note that yellow metal is pressured by the 55-, 100– and 200-hour SMAs, currently located in the 1,570.00 area. Thus, some downside potential could prevail in the market.
However, if the exchange rate fails to surpass the 1,562.00 level, it is likely that gold could trade sideways against the Greenback within the following trading session.
