Yesterday, the price for gold skyrocketed to the 1,520.00 level. During Tuesday’s morning, the XAU/USD exchange rate surpassed the 1,525.00 mark.
From the one hand, yellow metal could continue to appreciate against the US Dollar in the short term. A possible upside target is the area between the psychological level at 1,535.00 and 1,540.00.
On the other hand, gold could consolidate against the Greenback near the 1,530.00 mark within the following trading session.
It is unlikely, that bears could prevail in the market, and the rate could drop lower than 1,505.00 due to the support of the 55- and 100-hour SMAs.
