During yesterday’s trading session, the price for gold dropped to the psychological level at 1,290.
Given that the XAU/USD exchange rate is pressured by the 200-hour SMA at 1,295.67, it is likely, that some downside potential prevails in the market for the short run. A possible downside target is the psychological level at 1,285.00.
On the other hand, the price for gold could trade sideways, trying to surpass the given resistance level.
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It is the unlikely case, that the rate breaches the given resistance and jumps higher than 1,300.00 level due to the resistance formed by a combination of the 55– and 100-hour SMAs, as well the monthly PP
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