During the previous trading session, the XAU/USD exchange rate traded sideways around the 1,390.00, supported by the monthly PP at 1,385.30. During today’s morning, the rate reversed north from the given support.
It is expected, that bulls could prevail in the market in the nearest future. However, note, that the rate has to surpass the 55-, 100– and 200-hour SMAs, currently located circa the 1,400.00 mark.
If the given moving averages hold, it is likely, that the gold could continue to trade sideways against the US Dollar.
It is unlikely, that the price for gold could tumble lower than 1,374.77 mark due to the support of the Fibonacci 23.60% retracement.
