XAU/USD Trades Beow 55-Hour SMA

Since Tuesday, the XAU/USD exchange rate has been trading below the resistance provided by the 55-hour SMA near 1,883.00.

If the predetermined resistance holds, it is likely that some downside potential could prevail in the market. The price for gold could target the 1,835.00/1,845.00 range.

Meanwhile, note that yellow metal could gain support from the 200-hour SMA and the Fibo 23.60% near 1,860.00. If the given support holds, gold could trade sideways against the US Dollar.

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