During today’s morning, the XAU/USD exchange rate reversed south from the 1,905.00 mark.
From the one hand, it is likely that yellow metal could appreciate against the US Dollar in the short run due to the support area formed by the 100– and 200-hour SMAs, as well the Fibo 23.60% in the 1,855.00/1,870.00 range.
From the other hand, it is likely that the exchange rate could face the resistance provided by the 55-hour SMA near 1,884.00. Thus, some downside potential could prevail in the market.
