Since Tuesday, the XAU/USD exchange rate has been trading sideways in the 1,840.00 area.
It is likely that yellow metal could gain support from the 55– and 200-hour moving averages near 1,835.00. Thus, bulls could prevail in the market in the short run. Note that the rate would have to exceed the Fibo 23.60% at 1,860.59.
If the predetermined resistance level holds, the exchange rate could bounce off. If the given support holds, gold could continue to trade sideways against the US Dollar in the short term.
