During the previous trading session, the XAU/USD exchange rate traded downwards within the cluster formed by the Fibonacci 0.00% retracement at 1,509.17 and the psychological level at 1,490.00.
During Monday’s morning, the rate was trading within the given cluster. If it holds, it is likely, that gold could maintain its consolidation against the US Dollar within the following trading session.
However, note, that the exchange rate is supported by the 100-hour moving average, currently located at 1,491.68. Thus, the price for gold could go upwards in the short term. A possible target is the monthly S3 at the 1,521.59 mark.
