Yesterday, the XAU/USD exchange rate consolidated between the 100– and 200-hour SMAs, currently located at 1,524.72 and 1,532.08 respectively.
During Tuesday morning, the rate continued to trade in the given area. If the given moving averages hold, it is likely that yellow metal could continue to trade sideways against the Greenback in the nearest future.
However, note that gold is also supported by the 55-hour SMA at the 1,526.11 mark. Thus, if the given resistance does not hold, the price for gold could target the psychological level at 1,540.00.
