On Thursday, the XAU/USD exchange rate surpassed the 200-hour SMA and reached the psychological level at 1,282.00.
From a theoretical point of view, it is likely, that the rate trades upwards, as it is supported by the ascending trend line located in the 1,280.00/1,284.00 range. A possible upside target is the psychological level at 1,285.00.
In case, bears would prevail in the market, the price for gold could decline to the support level formed by a combination of the 55– and 100-hour SMAs located circa the 1,276.00 mark.
