During the previous trading session, the XAU/USD exchange rate declined to the support level – the monthly R3 at 1,521.59. During today’s morning, the rate was testing the given support.
Note that yellow metal is also supported by the 200-hour moving average, currently located at the 1,519.58 mark. Thus, it is unlikely that some downside potential could prevail in the market.
The exchange rate could reverse north from the given support in the nearest future. However, note that it has to surpass the resistance formed by the 55– and 100-hour SMAs circa 1,535.00. If it holds, the price for gold could consolidate in the short run.
