On Monday, the XAU/USD exchange rate consolidated in the 1,580.00/1,585.00 area. During today’s morning, the rate maintained its consolidation.
On the one hand, yellow metal could gain support of the 55-hour moving average, currently located at 1,574.73, and go upwards in the nearest future. In this case the price for gold could exceed 1,590.00.
On the other hand, yellow metal could continue to trade sideways against the Greenback in the given area within the following trading day. It is unlikely that bears could prevail in the market, and the rate could go below the monthly R2 at 1,570.61.
