On August 25, the XAU/USD exchange rate fell by 121 pips or 0.67%. The decline was stopped by the 200– hour simple moving average during Wednesday’s trading session.
By and large, the commodity is likely to continue to edge lower during the following trading session. The potential target for bearish traders will be near the 1775.00 level.
However, the 200– hour SMA support line at 1788.1 could provide support for the yellow metal in the shorter term.
