Yesterday, the XAU/USD exchange rate raised to the resistance level—the monthly PP at 1,722.34. During Wednesday morning, the rate was testing the given resistance.
It is likely that yellow metal could gain support from the 200-hour SMA near 1,715.40 and trade upwards in the short term. In this case the rate could target the 1,740.00 mark.
However, if the given resistance level holds, it is likely that a reversal south could occur in the nearest future. In this case the price for gold could gain support from the 55– and 100-hour SMAs near 1,705.00.
