On Friday, the XAU/USD exchange rate skyrocketed to the psychological level at 1,550.00. During today’s morning, the rate declined to the 1,535.00 level.
On the one hand, yellow metal could depreciate against the US Dollar within the following trading hours. But it is unlikely, that the price for gold could drop lower than the 1,510.00 mark due to the support of the 55-, 100– and 200-hour SMAs.
Also, note, that the exchange rate has to surpass the monthly R3 located at the 1,521.59 mark. If the given level holds, it is expected, that a reversal north could occur in the nearest future.
