During Monday, gold depreciated against the US Dollar. During today’s morning, the XAU/USD exchange rate raised to the 1,505.00 level. =
Note that the exchange rate is supported by the 55-, 100– and 200-hour moving averages, currently located in the 1,495.50/1,501.73 area. Thus, it is likely that some upside potential could prevail in the market, and the rate could target the psychological level at 1,515.00.
On the other hand, yellow metal could trade sideways against the Greenback around the 1,505.00 mark within the following trading session. If the given support does not hold, the rate could decline to the 1,490.00 level.
