During the previous trading session, the XAU/USD exchange rate dropped to the monthly S1 at 1,679.34. During Monday morning, the rate raised to the 55-hour SMA near 1,700.00.
If the given resistance holds, it is likely that a reversal south could occur. If the given support level holds, it is likely that the price for gold could fluctuate between the given resistance and support.
Meanwhile, it is unlikely that bulls could prevail in the market, and the price for gold could exceed the resistance area formed by the 100– and 200-hour SMAs, as well the monthly PP in the 1,710.00/1,722.34 range.
