On Tuesday, the XAU/USD exchange rate tested the resistance formed by the 55-hour SMA at 1,477.64. During today’s morning, the rate surpassed the given resistance.
Yellow metal could continue to extend gains agaisnt the US Dollar in the short term. Note that the commodity would have to surpass the resistance cluster formed by the 100– and 200-hour SMAs, as well the monthly PP in the 1,489.10/1,502.85 area.
However, if the given resistance cluster holds, it is likely that a reversal south could occur in the nearest future, and the price for gold could re-test the support level formed by the Fibonacci 23.60% retracement at 1,462.89.
