During Monday, the XAU/USD exchange rate reversed north from the lower boundary of the short-term ascending channel at 1,277.35. During today’s morning, the rate skyrocketed to the 1,284.00 level.
Given that the price for gold is supported by the 55-, 100– and 200-hour SMAs, it is likely, that bulls could continue to prevail in the market. In this case, the rate has to surpass the monthly PP at 1,287.27.
On the other hand, the price for gold could trade sideways, trying to surpass the given moving averages, currently located in the 1,280.38/1,283.45 range.
