On Wednesday, the XAU/USD exchange rate reversed north from the 1,550.00 level. During today’s morning, the rate was testing the resistance provided by the 100-hour SMA.
Note that yellow metal could also face the resistance of the 200-hour SMA at 1,574.00. Thus, a reversal south could occur in the nearest future, and the rate could re-test the 1,550.00 level.
On the other hand, yellow metal could gain support of the 55-hour moving average in the 1,560.00. In this case gold could consolidate against the US Dollar within the following trading session.
