Yesterday, the XAU/USD exchange rate dropped to the 1,930.00 level. During Thursday morning, the rate was trading at the given level.
From the one hand, it is likely that yellow metal could extend gains against the US Dollar in the short run. Meanwhile, it is unlikely that the rate could exceed the 1,970.00/1,980.00 range due to the resistance formed by the 55-, 100– and 200-hour SMAs.
On the other hand, it is likely that the exchange rate could continue to decline within the following trading session. In this case the price for gold could gain support from the monthly PP at 1,907.07.
