XAU/USD Likely To Trade Downwards

The XAU/USD exchange rate has declined to the 1,815.00 level.

Given that yellow metal is pressured by the 55-, 100– and 200-hour moving averages in the 1,830.10/1,835.90 range, it is likely that some downside potential could continue to prevail in the market.

In the meantime, it is unlikely that bulls could prevail in the market, and the price for gold could exceed the resistance level—the Fibo 23.60% at 1,860.59 in the short term.