On Thursday, the price for gold fell to the psychological level at 1,415.00. During today’s morning, the XAU/USD exchange rate raised to the resistance level formed by the 55-, 100– and 200-hour SMAs at 1,422.00.
If the given resistance holds, it is expected, that gold would depreciated against the US Dollar in the short run. A possible downside target is the 1,400.00/1,405.00 area. Also, the rate could trade sideways, trying to surpass the given resistance.
If the given moving averages do not hold, it is likely, that the exchange rate could extend gains. A possible upside target is the psychological level at the 1,435.00 mark.
