Yesterday, the XAU/USD exchange rate tried to surpass the resistance formed by the 55-hour moving average at 1,396.43. During Tuesday’s morning, the rate was testing the given resistance.
Note, that the price for gold is facing the support at the 1,387.50 mark. Thus, it is expected, that gold could trade sideways against the US Dollar between the given support and resistance levels in the short run.
However, if the given resistance does not hold, the price for gold could rise to the resistance level formed by the 100– and 200-hour SMAs, currently located circa 1,403.00.
