Yesterday, the XAU/USD exchange rate raised to the 1,610.00 level. During Thursday morning, the rate was trading at the given level.
From the one hand, it is likely that yellow metal could continue to extend gains against the US Dollar in the short term. In this case the rate could reach the 1,620.00 area.
On the other hand, gold could trade sideways against the US Dollar in the 1,610.00 area in the nearest future. It is unlikely that bears could prevail, and the price for gold could decline below 1,600.00 due to the support of the 55-hour SMA.
