XAU/USD Trades Below 1,930.00

Yesterday, the XAU/USD exchange rate tumbled to the 1,905.00 mark.

From the one hand, it is likely that yellow metal could gain support from the 200-hour moving average near 1,904.00 and extend gains against the US Dollar in the short term.

From the other hand, it is likely that the exchange rate could be pushed down by the 55– and 100-hour SMAs in the 1,927.00/1,935.00 range. Thus, the price for gold could target the psychological level at 1,890.00.

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