Yesterday, the XAU/USD exchange rate touched the 1,740.00 level. During Wednesday morning, the rate reversed south.
It is likely that yellow metal could gain support from the 55-hour moving average near 1,715.00 and extend gains against the US Dollar in the short term. In this case the rate could exceed the 1,740.00 level.
However, if the exchange rate fails to surpass the 1,740.00 mark, it is likely that gold could consolidate against the Greenback within the following trading session.
Also, it is unlikely that bears could prevail in the market, and the price for gold could decline below the 100-hour SMA near 1,690.00.
