Yesterday, the XAU/USD exchange rate skyrocketed to the upper boundary of the long-term ascending channel at 1,449.56. During Friday’s morning, the rate reversed south.
From a theoretical point of view, it is expected, that gold could depreciate against the US Dollar in the nearest future. However, it is unlikely, that the price for gold could drop lower than the 1,424.00 mark due to the support of the 55-, 100– and 200-hour SMAs.
On the other hand, the exchange rate could reverse north to re-test the upper channel line. It is unlikely, that a breakout north from the given trend could occur due to the resistance formed by the monthly R1 and the Fibo 0.00% at 1,453.24.
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