On Thursday, the XAU / USD exchange rate brought the rising triangle pattern north. During the morning, the price is trading near the resistance level of 1,740.00.
If the given resistance level holds, a reversal is likely to occur and the yellow metal may be depreciated against the Greenback.
In the meantime, the rate is unlikely to fall below the range of 1,707.00 / 1,719.00 due to the support provided by the 55-, 100- and 200-hour SMAs.
If the given resistance does not hold, it is likely that gold could appreciate against the US dollar in the short term.