On Thursday, the XAU/USD exchange rate tested the 200-hour moving average at the 1,517.00. During today’s morning, the rate was trading at the 1,505.00 mark.
It is unlikely that some downside potential could prevail in the market, as gold is supported by the 55– and 100-hour SMAs, currently located 1,498.22. The yellow metal could re-test the given resistance.
If the given resistance level holds, it is likely that yellow metal could trade sideways against the US Dollar in the short run. Otherwise, the price for gold could target the psychological level at 1,525.00.
