On Thursday, the XAU/USD exchange rate tested the support level—the monthly S2 at 1,466.10. During today’s morning, the rate raised to the 1,505.00 area.
It is likely that yellow metal could gain support from the 55– and 100-hour SMAs, as well the Fibo 23.60% at 1,497.76 and continue to extend gains against the US Dollar.
However, note that the exchange rate would have to surpass the monthly S1 at 1,526.37. If the given level holds, it is likely that gold could consolidate against the Greenback in the short run.
