Yesterday, the XAU/USD exchange rate raised to the 200-hour SMA near 1,990.00. During Tuesday morning, the rate exceeded the given moving average.
From the one hand, it is likely that bulls could continue to prevail in the market within the following trading session. Note that the nearest resistance level—the monthly R1, is located at 20,56.09.
On the other hand, it is likely that a reversal south could occur in the nearest future. In this case the exchange rate could gain support from the 55– and 100-hour SMAs in the 1,948.50/1,962.40 range.
