On Wednesday, the XAU/USD exchange rate tried to surpass the resistance level formed by the monthly R3 at 1,521.59. During today’s morning, the rate was testing the given level.
Note, that gold is supported by the 55– and 100-hour moving averages, currently located circa 1,510.00. Thus, yellow metal could breach the given resistance and continue to appreciate against the US Dollar.
Otherwise, it is likely, that the price for gold could consolidate in the area between the given support and resistance in the short term. It is unlikely, that bears could prevail, and the rate could drop lower than 1,492.92 due to the support of the 200-hour SMA.
