On Thursday, the XAU/USD exchange rate traded sideways around the psychological level at 1,456.00. During today’s morning, the rate was testing the resistance formed by the 55– and 100-hour SMAs at 1,457.00.
If the given resistance holds, it is likely that a reversal south could occur in the nearest future. In this case, the price for gold could reach the psychological level at 1,452.00.
On the other hand, yellow metal could maintain its consolidation against the Greenback within the following trading session. Also, it is unlikely that bulls could prevail, and the rate could exceed the Fibo 23.60% at 1,462.89.
