Yesterday, gold appreciated slightly against the US Dollar, and the XAU/USD exchange rate reached the 1,545.00 level. During Wednesday morning, the rate was trading near the given level.
Note that the exchange rate is supported by the 55-hour moving average, currently located at 1,534.95. Thus, yellow metal could continue to extend gains against the Greenback in the nearest future. A possible upside target is the 1,555.00 level.
It is unlikely that bulls could prevail in the market, and the price for yellow metal could drop lower than the 1,514.16/1,521.59 due to the support cluster formed by the 100– and 200-hour SMAs, as well the monthly R3.
