XAU/USD Could Decline In Short Term

Technical analysis of Forex market

Yesterday, the XAU/USD exchange rate declined to the 1,790.00 level.

It is likely that some downside potential could continue to prevail in the market, as yellow metal could be pushed down by the 55-hour moving average near 1,817.45. The rate could decline to the psychological level at 1,780.00.

In the meantime, it is unlikely that bulls could prevail in the market, and the price for gold could exceed the 1,840.00 area due to the resistance provided by the 100– and 200-hour moving averages.