Yesterday, the price for gold dropped sharply to the psychological level at 1,405.00. During today’s morning, the XAU/USD exchange rate was trading near the given level.
On the one hand, gold could reverse north and remain to appreciate against the US Dollar. In this case, the rate has to surpass the monthly PP located at the 1,416.20 mark.
On the other hand, the exchange rate could trade sideways within the 1,405.00/1,410.00 area in the nearest future. It is unlikely, that bears could prevail in the nearest future, and gold could surpass the psychological level at 1,400.00.
