XAU/USD Trades Above 1,800.00

The XAU/USD exchange rate has raised to the 1,815.00 level.

It is likely that yellow metal could gain support from the 200-hour moving average near 1,805.00. Thus, the rate could re-test the upper line of the falling wedge pattern circa 1,8250.00 in the short run.

If the predetermined pattern holds, the exchange rate could reverse south and target the support provided by the 55– and 100-hour moving averages in the 1,790.00 area.