On Thursday, the XAU/USD exchange rate raised to the 1,610.00 level. During today’s morning, the rate was consolidating at the given level.
It is likely that yellow metal could gain support from the 55-, 100– and 200-hour SMAs and appreciate against the Greenback in the short term. Note that the rate would have to surpass the local resistance level at 1,640.00.
If the given resistance level holds, it is likely that gold could trade sideways against the US Dollar in the nearest future. Also, it is unlikely that bears could prevail in the market, and the price for gold could drop below the monthly PP at 1,577.89.
