Yesterday, the XAU/USD exchange rate re-tested the lower boundary of the medium-term ascending channel. During Friday morning, the rate reversed north.
From a theoretical perspective, it is likely that some upside potential could prevail in the market. In this case the rate could target the resistance area in the 1,740.00/1,745.00 range.
Meanwhile, it is unlikely that bears could prevail in the market in the nearest future due to the support formed by the 55-, 100– and 200-hour SMAs, as well the monthly PP in the 1,725.00 area.
