On Tuesday, the XAU / USD exchange rate turned north from the 100-hour SMA. During the day, the exchange traded at the mark 1,750.00.
It is likely that yellow metal could gain support from the 55-hour moving average near 1,744.00 and continue to appreciate against the US dollar in the short term. In this case, the rate could target the top line of the rising wedge pattern and the monthly R1 of 1,770.00.
However, if the exchange rate does not exceed the level of 1,760.00, it is likely that gold can trade sideways against Greenback in the short term.
Also, bears are unlikely to prevail in the market, and the price of gold may fall below the 200-hour SMA near 1,723.00.