Yesterday, the XAU/USD exchange rate traded sideways around the psychological level at 1,490.00. During Wednesday morning, the rate was testing the resistance formed by the 55– and 200-hour SMAs at 1,493.42.
Given that yellow metal is also pressured by the 100-hour moving average at 1,497.15, it is likely that some downside potential could prevail in the market. In this case the rate could re-test the psychological level at 1,485.00.
On the other hand, gold could consolidate against the US Dollar within the following trading session. If the given resistance does not hold, the price for gold could target the psychological level at 1,505.00.
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