During Friday, the XAU/USD exchange rate traded sideways within the 1,510.00/1,515.00 area. During today’s morning, the rate maintained its consolidation.
Given that gold is supported by the 55-hour moving average at 1,508.83, it is likely that the rate could re-test the upper boundary of the medium-term ascending channel at 1,519.00.
If the given channel holds, a reversal south could occur. In this case the price for gold could decline to the 1,500.00 mark. Otherwise, yellow metal could extend gains against the Greenback in the short term
