Yesterday, the XAU/USD exchange rate consolidated at the 1,720.00 level. During Thursday morning, the rate continued to consolidate at the given mark.
It is likely that yellow metal could gain support from the 55-hour SMA near 1,720.00 and appreciate against the US Dollar in the short term.
However, if the exchange rate fails to surpass the 1,740.00 level, it is likely that gold could continue to trade sideways against the Greenback in the short run.
It is unlikely that bears could prevail in the market, and the price for gold could decline below the 200-hour SMA near 1,672.00.
