XAU/USD analysis: Gold is above 1,740
On Tuesday, the XAU/USD exchange rate reversed north from the 100-hour SMA. During today's morning, the rate was trading at the 1,750.00 mark.
It is likely that yellow metal could gain support from the 55-hour moving average near 1,744.00 and continue to appreciate against the US Dollar in the short run. In this case the rate could target the upper line of the rising wedge pattern and the monthly R1 at 1,770.00.
Gold flat-lined below $1750 level, FOMC minutes eyed for fresh impetus
Gold edged lower during the early North American session and refreshed daily lows, around the $1743-42 region, albeit lacked any strong follow-through.
A combination of diverging forces failed to provide any meaningful impetus or assist the precious metal to build on the overnight positive move, instead led to a subdued/range-bound trading action on Wednesday.
Gold: Uptrend expected to continue if it rises above 1757.6
Uptrend: The uptrend may be expected to continue in case the market rises above resistance level 1757.6, which will be followed by reaching resistance level 1764.2 and 1775.
Downtrend: A downtrend will start as soon, as the pair drops below support level 1749.5, which will be followed by moving down to support level 1742.4 - 1738.
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