On Monday, the XAU/USD exchange rate raised to the 1,560.00 level. During today’s morning, the rate jumped to the monthly PP at 1,607.97.
If the given resistance level holds, it is likely that a reversal south could occur in the nearest future. In this case it is unlikely that the price for gold could decline below the monthly S1 at 1,526.37.
Otherwise, it is likely that gold could trade upwards against the US Dollar in the short term. In this case the exchange rate could target the monthly R1 at 1,668.23.
