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On Wednesday, the XAU/USD exchange rate bounced off the Fibo 23.60% at 1,860.59.

Given that yellow metal is pressured by the 55– and 100-hour moving averages near 1,853.00, it is likely that some downside potential could prevail in the market. The rate could decline below the 1,820.00 mark.

In the meantime, it is unlikely that bulls could prevail in the market in the short term, and the price for gold could exceed the 1,893.00 mark due to the resistance provided by the 200-hour SMA.