Yesterday, the XAU/USD exchange rate tried to surpass the resistance level formed by the monthly R3 at 1,521.59. During Friday morning, the rate was testing the support of the 55– and 100-hour SMAs, located circa 1,512.00.
If the given support does not hold, it is likely, that yellow metal could depreciate against the US Dollar in the short run. However, note, that gold could gain support of the 200-hour SMA at 1,500.59. It is unlikely, that the rate could drop lower than the monthly R2 at 1,487.41.
If the given support holds, it is expected, that the price for gold could trade sideways in the nearest future. If the given resistance does not hold, the rate could target the Fibonacci 0.00% retracement at 1,535.15
