Yesterday, the price for gold raised to the psychological level at 1,510.00. During Wednesday morning, the XAU/USD exchange rate was testing the given level.
Given that yellow metal is supported by the 55-, 100– and 200-hour movign averages, currently located in the 1,495.27/1,503.10 range, it is likely that bulls could prevail in the market. A possible upside target is the descending trend line located circa 1,520.00.
However, if the given support cluster does not hold, it is likely that yellow metal could go downwards against the US Dollar within the following trading session. The rate could try to surpass the psychological level at 1,490.00.
