On Friday, the XAU/USD exchange rate failed to exceed the 1,845.00 level.
Given that yellow metal is pressured by the 55-, 100– and 200-hour moving averages in the 1,836.70/1,846.80 range, it is likely that some downside potential could prevail in the market.
In the meantime, if the predetermined resistance area does not hold, bulls could prevail in the market. In this case the price for gold could face the resistance level—the Fibo 23.60% at 1,860.59.
