Yesterday, the XAU/USD exchange rate traded sideways in the 1,970.00 area. During Tuesday morning, the rate jumped to 1,990.00.
From the one hand, it is likely that some upside potential could prevail in the market. In this case the price for gold could target the 2,010.00/2,020.00 area.
From the other hand, it is likely that a reversal south could occur. Note that yellow metal could gain support from the 55-, 100– and 200-hour SMAs, as well the monthly PP in the 1,945.00/1,969.00 range.
