The XAU/USD exchange rate bounced off a support level formed by the 200– hour simple moving average at 1808.23 on Monday. As a result, the commodity surged by 127 pips or 0.70% during Monday’s trading session.
All things being equal, gold could edge higher against the US Dollar during the following trading session. The possible target for buyers could be near the 1830.00 area.
However, the 100– hour simple moving average at 1814.39 could provide resistance for the exchange rate in the shorter term.
