On Tuesday, the XAU/USD failed to surpass the 1,670.00 level. During today’s morning, the rate was trading at the 1,650.00 level.
Given that yellow metal is supported by the 55-hour SMA near 1,650.00, it is likely that some upside potential could prevail in the market. In this case the exchange rate could surpass the 1,670.00 mark.
On the other hand, the price for gold could continue to consolidate against the US Dollar within the following trading session.
Also, it is unlikely that bears could prevail in the market, and the exchange rate could decline below the support formed by the 100– and 200-hour SMA in the 1,625.00 area
