Yesterday, the XAU/USD exchange rate tried to surpass the psychological level at 1,545.00. During Thursday morning, the rate tested the 1,550.00 level.
It is likely that yellow metal could appreciate against the US Dollar within the following trading session, as the commodity is supported by the 55– and 100-hour SMAs, located at 1,538.24 and 1,531.05 respectively. Important level to look out for is the Fibonacci 0.00% retracement at 1,554.93.
On the other hand, the exchange rate could trade sideways around the 1,545.00 mark in the nearest future. It is unlikely that bears could prevail in the market, and the price for gold could drop lower than the monthly R3 at 1,521.59.
