The XAU/USD exchange rate has increased to the 1,845.00 mark.
It is likely that yellow metal could gain support from the 200-hour SMA near 1,835.00 and continue to trade upwards in the short run. The price for gold could target the 1,870.00/1,880.00 area.
Meanwhile, note that the exchange rate could face the resistance level—the Fibo 23.60% at 1,860.59. If the predetermined level holds, a reversal south could occur, and the rate could decline to the 55– and 100-hour SMAs near 1,820.00
