XAU/USD analysis: Pressured by moving averages
|Gold
Yesterday, the XAU/USD exchange rate traded sideways in the 1,915.00/1,940.00 range. During Wednesday morning, the rate maintained its consolidation.
Given that yellow metal is pressured by the 55– and 100-hour moving averages near 1,930.00, it is likely that some downside potential could prevail in the market in the short run.
In the meantime, note that the exchange rate could gain support from the monthly PP at 1,907.07. Thus, it is likely that the price for gold could continue to consolidate.
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