Yesterday, the XAU/USD exchange rate declined significantly to the 1,510.00 level. During Friday morning, the rate was trading at the 1,505.00 mark.
On the one hand, yellow metal could consolidate against the US Dollar at the given levels within the following trading session.
On the other hand, bulls could prevail, and the price for gold could reverse north. Note, that the nearest resistance, formed by the 55-, 100– and 200-hour SMAs, located at 1532.80.
It is unlikely, that bears could continue to prevail, and the exchange rate could drop lower than the monthly PP at the 1,492.35.
