During Friday, the XAU/USD exchange rat traded sideways around the psychological level at 1,510.00. During today’s morning, the rate declined to the 1,500.00 level.
Yellow metal could depreciate against the US Dollar within the following trading session, as it is pressured by the 55-, 100– and 200-hour SMAs, currently located in the 1,505.81/1,514.86. Note, that the nearest support level is the monthly R2 at 1,487.41.
If the given moving averages do not hold, it is likely, that the exchange rate could extend gains. However, it is unlikely, that the price for gold could exceed the monthly R3 at 1,521.59.
