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XAU/USD Could Condolidate In Short Run

Yesterday, the XAU/USD exchange rate declined to the support formed by the 200-hour SMA and the Fibo 23.60% near 1,860.00.

Given that yellow metal is pressured by the 55– and 100-hour moving averages near 1,875.00, it is likely that some downside potential could prevail in the market in the short run.

In the meantime, if the given support level holds, gold could trade sideways against the Greenback within the following trading session.