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Yesterday, the XAU/USD exchange rate declined to the 1,795.00 level. During Friday morning, the rate reversed north.

Given that yellow metal is pressured by the 200-hour moving average near 1,802.00, it is likely that a reversal south could occur, and the rate could continue to trade within the short-term descending channel.

On the other hand, it is likely that the exchange rate could try to exceed the resistance formed by the 55– and 100-hour SMAs in the 1,805.00 area and reverse south within the following trading session

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