During the previous trading session, gold traded sideways against the US Dollar within the cluster formed by the 100– and 200-hour SMAs, located at 1,425.73 and 1,421.09 respectively.
During Thursday’s morning, the XAU/USD exchange rate breached the given cluster north. It is expected, that some upside potential could prevail in the market in the short run. In this case, the rate could target the 1,435.00 level.
Otherwise, it is likely, that the rate could continue to trade sideways around the given moving averages. It is unlikely, that bears could prevail in the market, and the price for gold could drop lower than the 1,415.00 mark.
