During the previous trading session, the XAU/USD exchange rate tried to surpass the psychological level at 1,355.00.

Given, that gold is supported by the 55– and 100-hour SMAs, currently located at 1,342.96, it is likely, that bulls could prevail in the market. A possible upside target is the range between the 1,350.00 and 1,355.00 levels.

It is unlikely, that some downside potential could prevail in the market, and the price for gold could drop lower than the 1,333.67/1,333.34 range due to the support of the 200-hour SMA and the monthly R2.

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