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Since Thursday, the XAU/USD exchange rate has been trading sideways in the 1,830/1,850.00 range.

Given that yellow metal is pressured by the 55-, 100– and 200-hour SMAs in the 1,836.00/1,850.00 range, it is likely that some downside potential could prevail in the market.

In the meantime, it is unlikely that bulls could prevail in the market, and the price for gold could exceed the Fibonacci 23.60% retracement at 1,860.59.