On Friday, the XAU/USD exchange rate declined to the 1,680.00 level. During today’s morning, the rate was trading at the given mark.
It is likely that yellow metal could pushed down by the 200-hour MSA near 1,690.00 to the 1,640.00/1,660.00 cluster. However, if the rate fails to surpass the 1,670.00 level, it is likely that gold could consolidate against the US Dollar in the short term.
Also, it is unlikely that bulls could prevail, and the exchange rate could exceed the 1,700.00/1.710.00 area due to the resistance formed by the 100– and 200-hour SMAs, as well the monthly R1.
