On Tuesday, the XAU/USD exchange rate tried to surpass the resistance formed by the 55– and 100-hour SMAs near 1,725.00. During today’s morning, the rate pierced the 200-hour SMA near 1,717.00.
It is likely that yellow metal could be pushed down by the 55– and 100-hour moving averages to the 1,705.00/1,700.00 area.
However, if the 200-hour SMA holds, it is likely that gold could trade sideways against the US Dollar within the following trading session.
