Yesterday, the XAU/USD exchange rate jumped to the 1,650.00 level. During Wednesday morning, the rate was trading near the given level.
It is likely that yellow metal could gain support from the 200-hour moving average near 1,634.00, and continue to appreciate against the Greenback. A possible upside target is the monthly R1 at 1,668.23.
On the other hand, the exchange rate could consolidate in the 1,650.00 area in the short term. Also, it is unlikely that bears could prevail in the market, and the rate could decline below the monthly PP at 1,607.96.
