On Friday, the XAU/USD exchange rate jumped to the psychological level at 1,515.00. During today’s morning, the rate was trading at the 1,505.00 mark.
It is likely that some upside potential could prevail in the market, as gold is supported by the 55-, 100– and 200-hour moving averages in the 1,492.36/1,501.86 range. A possible upside target is the 1,515.00/1,520.00 area.
On the other hand, yellow metal could trade sideways against the US Dollar at the 1,505.00 mark within the following trading session. Also, it is unlikely that bears could prevail in the market, and the price for gold could drop lower than the psychological level at 1,490.00.
