Yesterday, the XAU/USD exchange rate extended gains and reached the psychological level at 1,278.00.
From a technical perspective, it is unlikely, that the price for gold could maintain its growth due to the resistance of the 200-hour SMA at 1,279.71.
Thus, it is likely, that the rate could trade sideways between the given resistance and the support level formed by the 55– and 100-hour SMAs, as well the monthly S1 and the Fibo 38.20% at 1,273.68.
If the given resistance does not hold, the price for gold could reach the psychological level at 1,282.00.
