Yesterday, the XAU/USD exchange rate reversed north from the 1,705.00 level. During Tuesday morning, the rate was trading at 1,730.00.
Given that yellow metal is supported by the 55– and 100-hour SMAs, as well the monthly PP, it is likely that some upside potential could prevail in the market.
Meanwhile, note that the exchange rate could face the local resistance in the 1,740.00/1,745.00 area. If the given resistance holds, it is likely that gold could consolidate against the US Dollar in the short run.
