Yesterday, the XAU/USD exchange rate reversed south from the 1,580.00 level. During Tuesday morning, the rate traded at the 1,560.00 mark.
Note that yellow metal is supported by the 55-hour moving average, currently located at 1,560.74.Thus, it is likely that some upside potential could prevail in the market. In this case the rate could re-test the 1,580.00 level.
However, note that the exchange rate has to surpass the monthly R2 at 1,570.61. If the given level holds, it is likely that a reversal south could occur in the nearest future. In this case the price for golds could gain support of the monthly R1 and the 100-hour SMA at 1,544.31.
