On Friday, the XAU/USD exchange rate consolidated around the psychological level at 1,525.00. During today’s morning, the rate continued to trade at the given mark.
Note that yellow metal is squeezed by the 55-, 100– and 200-hour SMAs at 1,533.61 and 1,522.56 respectively. If the given moving averages hold, it is likely, that the rate could maintain its consolidation in the short term.
Otherwise, it is likely that the given resistance does not hold, and gold could extend gains against the US Dollar in the nearest future. A possible upside target is the 1,540.00 level.
