Yesterday, the XAU/USD exchange rate traded sideways around the 55-hour moving average, currently located at the 1,297.25 mark.
From a theoretical point of view, it is likely, that the price for gold could decline, as it should target the lower boundary of the short-term ascending channel. However, the rate has to surpass the 100-hour SMA at 1,293.57.
If the given support level holds, it is likely, that gold could trade sideways between the given moving averages. Also, it is unlikely, that the rate could breach the given channel south due to the 200-hour SMA at 1,288.41.