On Monday, the XAU/USD exchange rate failed to surpass the psychological level at 1,515.00. During today’s morning, the rate was testing the support provided by the 100-hour SMA at 1,504.71.
If the given support level holds, it is likely that yellow metal could extend gains against the US Dollar in the short run. Note that the exchange rate would have to surpass the resistance formed by the 55-hour SMA at 1,510.16.
If the given resistance holds, it is likely that gold could consolidate against the Greenback within the following trading session. Also, it is unlikely that the price for gold could go downwards due to the support formed by the 200-hour SMA, as well the monthly PP, located circa 1,500.00.
