During Thursday, the XAU/USD exchange rate tried to surpass the resistance level formed by the 200-hour SMA at 1,509.24. During today’s morning, the rate declined to the 1,500.00 level.
From the one hand, yellow metal could continue to depreciate against the US Dollar. In this case the commodity could gain support of the monthly PP located at the 1,492.35 mark.
From the other hand, the price for gold could reverse north and go upwards. However, it is unlikely that the exchange rate could exceed the 1,512.16/1,516.94 area due to the resistance of the 55– and 100-hour SMAs.
