Yesterday, the XAU/USD exchange rate traded sideways around the psychological level at 1,325.00. During Wednesday’s morning, the rate was testing the resistance level—the monthly R2 at 1,333.67.
If the given resistance holds, it is expected, that a reversal south could occur within the following trading hours. In this case, the price for gold could be supported by the 55-hour SMA and the monthly R1 at 1,319.79.
Otherwise, it is likely, that gold could continue to appreciate against the US Dollar. In this case, the price for gold could surpass the psychological level at the 1,240.00 mark.
