Yesterday, the XAU/USD exchange rate touched the 1,780.00 level and reversed south. During Thursday morning, the rate was trading at 1,765.00.
It is likely that yellow metal could gain support from the 100-hour moving average near 1,756.00 and extend gains against the US Dollar. In this case the rate could re-test the 1,780.00 mark.
Meanwhile, note that gold could be pressured by the 55-hour moving average near 1,765.00. Thus, it is likely that the rate could re-test the lower boundary of the medium-term ascending channel circa 1,750.00.
