During previous trading session, the XAU/USD exchange rate raised to the 1,975.00 level. During Monday morning, the rate reversed south.
It is likely that yellow metal could gain support from the 55-, 100– and 200-hour moving averages in the 1,942.00/1,951.00 area and trade upwards in the short run.
In the meantime, if the exchange rate fails to exceed the 1,975.00 level, it is likely that gold could trade sideways against the US Dollar in the short term.
