Yesterday, the XAU/USD exchange rate raised to the resistance level—the monthly PP at 1,901.26.
If the predetermined resistance level holds, it is likely that a reversal south could occur in the nearest future. In this case the price for gold could target the support level—the monthly S2 at 1,873.98.
On the other hand, the exchange rate could gain support from the 55– and 100-hour SMAs, as well the monthly S1 in the 1,883.00/1,890.23 range. Thus, gold could appreciate against the US Dollar in the short term.
