On Thursday, the XAU/USD exchange rate raised to the psychological level at 1,740.00. During today’s morning, the rate was trading at 1,730.00.
It is likely that yellow metal could gain support from the 55-, 100– and 200-hour SMAs in the 1,700.00/1,716.00 area and continue to appreciate against the US Dollar in the short run.
However, if the 1,740.00 level holds, it is likely that gold could trade sideways against the Greenback within the following trading session.
Also, it is unlikely that bears could prevail in the market, and the price for gold could decline below the monthly R1 at 1,704.29.
