The XAU/USD exchange rate has revealed a rising wedge pattern.
From a theoretical perspective, it is likely that the rate could reverse north from the upper pattern line and trade upwards within the following trading session. The price for gold could target the upper pattern line circa 1,880.00.
In the meantime, it is unlikely that the price for gold could breach the predetermined pattern south in the short term due to the support provided by the 200-hour SMA near 1,851.00.
