On Monday, the XAU/USD exchange rate traded sideways between the 1,325.00 and 1,330.00 levels.
Given that the rate is pressured by the 55– and 100-hour moving averages, currently located circa 1,333.00, it is likely, that bears could prevail in the market in the short term. A possible downside target is the support level formed by the 200-hour SMA and the monthly R1 a t1,319.79.
On the other hand, the price for gold could continue to trade sideways, trying to surpass the given resistance. Note, that it is unlikely, that the rate could surpass it, as gold is also pressured by the monthly R2 at 1,333.67.
