Yesterday, the XAU/USD exchange rate tested the resistance formed by the 55-, 100– and 200-hour SMAs, located in the 1,499.93/1,507.20 range. During today’s morning, the rate was trading at the 1,495.00 mark.
If the given moving averages hold, it is likely, that some downside potential could prevail in the market in the nearest future. In this case, a possible downside target is the monthly R2 at 1,487.41.
Otherwise, it is expected, that yellow metal could trade sideways against the US Dollar within the following trading session, trying to surpass the given resistance. If it does not hold, the price for gold could reach the 1,510.00/1,515.00 range.
