During the previous trading session, the XAU/USD exchange rate skyrocketed to the psychological level at 1,550.00. During today’s morning, the rate tumbled to the 1,540.00 level.
It is unlikely that the price for gold could decline lower than the 1,530.00 mark, as the commodity is supported by the 55-, 100– and 200-hour moving averages. The rate could trade sideways near the given support in the short run.
On the other hand, yellow metal could appreciate against the US Dollar within the following trading session. A possible upside target is the 1,545.00/1,550.00 range.
