XAU/USD Analysis: Could Trade Downwards

During Wednesday morning hours, the XAU/USD exchange rate breached the rising wedge pattern south.

It is likely that some downside potential could prevail in the market, as yellow metal is pressured by the 55-, 100– and 200-hour SMAs, as well the Fibo 23.60% in the 1,851.20/1,860.59.

In the meantime, it is unlikely that bulls could prevail in the market in the nearest future, and the price for gold could exceed the psychological level at 1,870.00.