As apparent on the chart, the XAU/USD exchange rate has reached the 1,720.00 level. During today’s morning, the rate was testing the given level.
On the one hand, it is likely that yellow metal could gain support from the monthly R1 at 1,704.29 and continue to appreciate against the US Dollar.
However, if the rate fails to surpass the 1,720.00 level, it is likely that golf could trade sideways against the Greenback in the short term
Also, it unlikely that bears could prevail in the market, and the price for gold could decline lower than the 1,670.00/1,690.00 area due to the support of the 55– and 100-hour SMAs.
