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XAU/USD Analysis: Supported By Moving Averages

Yesterday, the XAU/USD exchange rate re-tested the 1,760.00 level. During Friday morning, the rate was testing the support formed by the 55– and 100-hour SMAs near 1,775.00.

If the given support holds, it is likely that some upside potential could occur, and the price for gold could target the psychological level at 1,790.00.

On the other hand, it is likely that yellow metal could trade sideways against the US Dollar in the short term.

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Also, it is unlikely that bears could prevail in the market, as the rate could gain support from the 200-hour SMA near 1,770.00.