Yesterday, the XAU/USD exchange rate tested the resistance area at 1,785.00/1,790.00. During Tuesday morning, the rate was testing the support formed by the 55– and 100-hour SMAs near 1,777.00.
If the given support holds, it is likely that a reversal south could occur, and yellow metal could re-test the predetermined resistance area.
Meanwhile, it is unlikely that some downside potential could prevail in the market, as the rate could gain support from the 200-hour SMA near 1,773.00.
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