On Wednesday, the XAU/USD exchange rate appreciated gradually. During today’s morning, the rate jumped to the 1,505.00 level.
Note that yellow metal is supported by the 55-, 100– and 200-hour moving averages, currently located in the 1,492.76/1,496.90 area. Thus, it is likely that some upside potential could prevail in the market. A possible upside target is the upper boundary of the medium-term ascending channel at 1,520.00.
On the other hand, gold could trade sideways against the US Dollar at 1,505.00/1,510.00 within the following trading session. Also, it is unlikely that bears could prevail, and the price for gold could drop lower than the psychological level at 1,485.00.
