Bears were the main driving force of the XAU/USD exchange rate for the second consecutive session on Friday as a result of which the pair closed the day slightly above the bottom boundary of a medium-term and the 23.60% Fibonacci retracement.
This level was surpassed during the Asian session today, thus leaving the pair near the 1,334.00 level. It is likely that bulls try to recover some of the lost positions within this session.
The nearest considerable resistance is the 55-, 100– and 200-hour moving averages located near 1,344.00. A move above this level is unlikely today. This scenario is likewise supported by bullish technical indicators.
Meanwhile, downside potential could be realised until the 1,328.00 level.
