On Monday, the XAU/USD exchange rate declined to the psychological level at 1,490.00. During today’s morning, the rate was trading at the given level.
Given that yellow metal is pressured by the 55-, 100– and 200-hour moving averages, it is likely that the commodity could depreciate against the US Dollar in the nearest future. A possible downside target is the 1,480.00/1,485.00 area.
On the other hand, gold could trade sideways against the Greenback at the given level, trying to surpass the given resistance. If the given resistance does not hold, the price for gold could reach the 1,505.00 mark.
