During the previous trading session, gold traded sideways against the US Dollar at the 1,530.00 level. During today’s morning, the XAU/USD exchange rate maintained its consolidation.
Note that the exchange rate is supported by the 55-, 100– and 200-hour SMAs, as well the monthly R2 in the 1,511.66/1,523.09 range. Thus, it is unlikely, that bears could prevail in the market in the nearest future.
The yellow metal could continue to trade sideways against the Greenback within the following trading hours. Otherwise, some upside potential could prevail in the market, and the rate could target the 1,555.00 level.
