During previous trading session, the XAU/USD exchange rate traded sideways in the 1,945.00 area. During Monday morning, the rate maintained its consolidation.
It is likely that yellow metal could gain support from the 100-hour SMA near 1,940.00 and extend gains against the US Dollar in the short term. In this case the price for gold could target the monthly PP at 1,969.20.
In the meantime, note that the rate could face the resistance at 1,955.00. If the given resistance holds, it is likely that gold could continue to consolidate against the Greenback.
