On Monday, the XAU/USD exchange rate traded sideways, trying to exceed the 1,480.00 level. During today’s morning, the rate was trading near the given level.
Note that gold is supported by the 55-, 100– and 200-hour SMAs, as well the monthly PP in the 1,470.45/1,475.51 area. Thus, it is likely that some upside potential could prevail in the market, and the rate could target the 1,485.00 mark.
However, if the 1,480.00 level holds, it is likely that yellow metal could continue to consolidate against the US Dollar in the short term. If the given support does not hold, the rate could go downwards to the Fibo 23.60% at 1,462.89.
