Yesterday, the XAU/USD exchange rate traded sideways around the monthly PP at 1,492.35. During Wednesday morning, the rate maintained its consolidation.

Note that gold is pressured by the 55-, 100–moving averages, currently located in the 1,497.70/1,508.45. Thus, it is likely that bears could prevail in the market in the short run. The nearest support level—the Fibo 23.60%, is located at 1,462.89.

On the other hand, yellow metal could continue to trade sideways against the Greenback within the following trading hours. It is unlikely that bulls could prevail in the market, and the price for gold could exceed the 1,520.00 mark due to the resistance level formed by the 200-hour SMA.

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