Yesterday, the XAU/USD exchange rate reversed north from the lower boundary of the rising wedge pattern. During Friday morning, the rate was testing the resistance formed by the 55– and 100-hour SMAs near 1,740.00.
From a theoretical perspective, it is likely that some upside potential could prevail in the market, as the rate should target the upper wedge line.
However, if the given resistance holds, it is likely that the rate could re-test the lower pattern line. If the given wedge holds, it is likely that the rate could trade along its lower line in the nearest future.
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