Yesterday, the XAU/USD exchange rate traded sideways in the 1,720.00 area. During Friday morning, the rate was testing the 200-hour SMA near 1,730.00.
If the given moving average holds, it is likely that a reversal south could occur in the nearest future. Note that the rate could gain support from the 55-hour SMA near 1,715.00.
If the given moving average holds, it is likely that the rate could consolidate. If the given support does not hold, it is likely that the price for gold could target the psychological level at 1,700.00.
