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Since Tuesday, the XAU/USD exchange rate has been trading sideways in the 1,880.00 area.

Given that yellow metal is pressured by the 55-, 100– and 200-hour moving averages in the 1,890.00/1,914.00 range, it is likely that some downside potential could prevail in the market.

In the meantime, note that the exchange rate could gain support at the 1,870.00 mark. Thus, gold could continue to trade sideways against the US Dollar in the short term.

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