During today’s morning, the XAU/USD exchange rate raised to the 1,865.00 level.
It is likely that yellow metal could gain support from the Fibo 23.60% at 1,860.59 and trade upwards against the US Dollar in the nearest future. The rate could target the 1,880.00/1,890.00 range.
In the meantime, it is unlikely that bears could prevail in the market, and the price for gold could decline below the support area formed by the 55-, 100– and 200-hour SMAs in the 1,840.00/1,845.00 range.
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