During the previous trading session, the price for gold traded sideways between the Fibonacci 38.20% retracement and the lower boundary of the falling wedge pattern, located at 1,273.68 and 1,269.55 respectively.
Given that the XAU/USD exchange rate is pressured by the 55-, 100– and 200-hour SMAs, it is likely, that a breakout north from the pattern could occur. A possible downside target is the psychological level at 1,266.00.
However, if the given pattern holds, it is expected, that the rate could continue to trade sideways around the 1,272.00 level. It is unlikely, that some upside potential could prevail in the market due to the given resistance
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