On Thursday, the XAU/USD exchange rate traded sideways at the psychological level at 1,500.00. During Friday’s morning, the rate continued to consolidate.
Given that gold is supported by the 55-hour moving average, currently located at the 1,498.80 mark, it is expected, that bulls could prevail in the market. A possible upside target is the resistance level—the monthly R3 at 1,521.59.
It is unlikely, that some downside potential could prevail in the market, and the price for yellow metal could tumble lower than the 1,485.00 mark due to the support level formed by the monthly R2 and the 100-hour SMA.
