The yellow metal failed to surpass the 55– and 200– hour SMAs on Wednesday. As a result, Gold edged lower by 102 pips or 0.54% against the US Dollar during Wednesday’s trading session.
The XAU/USD exchange rate is likely to continue to edge lower during Thursday’s trading session. The potential target for the commodity will be near the 1860.00 level. However, bearish traders may encounter support at the 1880.00 area in the shorter term.