Yesterday, the XAU/USD exchange rate traded sideways between the 55– and 200-hour SMAs, located at 1,343.30 and 1,335.93 respectively. During Tuesday’s morning, the rate increased to the 1,345.00 level.
Given, that gold is supported by the given moving averages, as well the 100-hour SMA and the monthly R2, it is likely, that bulls could prevail in the market. The price for gold could target the psychological level at 1,355.00.
From the other hand, the exchange rate could trade sideways between the psychological levels, located at 1,345.00 and 1,350.00 respectively.
It is unlikely, that some downside potential could prevail in the market due to the given support.