During Friday morning hours, the XAU/USD exchange rate was testing the lower boundary of the falling wedge pattern.
From a theoretical point of view, it is likely that the price for gold could reverse north and increase in the nearest future. Note that the nearest resistance, formed by the 55-, 100– and 200-hour SMAs, is located in the 1,789.40/1,796.20 range.
However, if the predetermined pattern does not hold, yellow metal could continue to depreciate against the US Dollar within the following trading session. A possible downside target is the Fibo 38.20% at 1,729.33.
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