Yesterday, the XAU/USD exchange rate traded sideways around the 1,940.00 level. During Friday morning, the rate maintained its consolidation.
Given that yellow metal is pressured by the 55-, 100– and 200-hour moving averages in the 1,960.00 area, it is likely that some downside potential could prevail. In this case the rate could gain support from the monthly PP at 1,907.07.
On the other hand, it is likely that the exchange rate could gain support from the psychological level at 1,930.00. Thus, it is likely that the price for gold could continue to consolidate.
