On Thursday, the XAU/USD exchange rate tried to surpass the psychological level at 1,515.00. During today’s morning, the rate was trading at the 1,510.00 mark. Note that yellow metal is supported by the 55-, 100– and 200-hour moving averages, currently located in the 1,488.95/1,501.23 area. Therefore, it is likely that the commodity could continue to go upwards. A possible upside target is the descending trend line at 1,520.00.
On the other hand, gold could trade sideways against the US Dollar in the nearest future. It is unlikely that bears could prevail in the market, and the exchange rate could drop lower than the monthly PP at 1,498.29.
