During Friday morning hours, the XAU/USD exchange rate dropped to the 1,890.00 level.
From the one hand, it is likely that a reversal north could occur, and yellow metal could extend gains against the US Dollar in the short run. The rate could face the resistance area formed by the 55-, 100– and 200-hour SMAs in the 1,908.00/1,930.00 range.
From the other hand, gold could continue to depreciate against the Greenback within the following trading session. Note that the nearest support level—the Fibo 23.60% is located at 1,860.59.
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