On Friday, the XAU/USD exchange rate traded sideways around the 1,555.00 level. During today’s morning, the rate continued to consolidate at the given level.
Note that yellow metal is squeezed by the 100-and 200-hour SMAs, currently located at 1,561.93 and 1,550.53. Thus, the rate could continue to consolidate in the short run.
If the given support does not holds, the price for gold could tumble below the 1,540.00 mark.
Also, it is unlikely that bulls could prevail, and the price for gold could exceed the monthly R2 at 1,570.61.
