Yesterday, the price for gold tested the psychological level at 1,425.00. During Friday’s morning, the XAU/USD exchange rate was testing the support level formed by the 55– and 100-hour SMAs, located circa 1,410.00.
If the given support holds, it is expected, that gold could remain its appreciation against the Greenback. A potential upside target is the upper boundary of the ling-term ascending channel at 1,435.00.
On the other hand, the exchange rate could trade sideways, trying to surpass the given moving averages.
It is unlikely, that the price for gold could tumble lower than 1,390.29 mark due to the support of the 200-hour SMA.
