Yesterday, the XAU/USD exchange rate tried to surpass the psychological level at 1,495.00/ During today’s morning, the rate was testing the resistance formed by the 55-, 100– and 200-hour SMAs, located circa 1,507.00.
If the given moving averages hold, it is likely, that gold could depreciated against the US Dollar within the following trading hours. Note, that yellow metal could be supported by the monthly R2 at 1,487.41.
However, If the given resistance does not hold, it is likely, that yellow metal could extend gains against the Greenback. It is unlikely, that the price for gold could exceed the monthly R3 at 1,521.59.
