On Friday, the XAU/USD exchange rate tested the upper boundary of the long-term ascending channel at 1,449.66. During today’s morning, the rate reached the psychological level at 1,460.00.
On the one hand, bulls could continue to prevail in the market, and the price for gold could maintain its growth. Note, that the nearest resistance level – the monthly R2, is located at the 1,487.41 mark.
On the other hand, the rate could make a reversal south within the following trading hours. It is unlikely, that the price for gold could drop lower than 1,430.00 due to the support of the 55-, 100- and 200-hour SMAs.
