Yesterday, the XAU/USD exchange rate tried to surpass the resistance formed by the 55-, 100– and 200-hour SMAs in the 1,502.30/1,507.49 range. During today’s morning, the rate was trading near the 1,495.00 mark.
If the given moving averages hold, it is likely, that bears could prevail in the market in the nearest future. Note, that the nearest support level—the monthly R2, is located at 1,487.41.
Otherwise, it is likely, that the pair could re-test the given resistance in the nearest future, If it does not hold, gold could appreciate against the US Dollar in the short term.
