Yesterday, the XAU/USD exchange rate raised to the resistance level formed by the monthly PP and the 200-hour SMA circa 1,500.00. During Thursday, the rate was testing the given resistance.
If the given resistance level holds, it is likely that yellow metal could decline against the US Dollar within the following trading session. In this case, the commodity could be gain support of the 55– and 100-hour SMAs, located circa 1,485.00.
Otherwise, it is likely that the price for gold could continue to go upwards in the nearest future. The exchange rate could target the descending trend line located circa 1,525.00.
