On Monday, the XAU/USD exchange rate tried to surpass the support formed by the 55– and 100-hour SMAs circa 1,500.00. During today’s morning, the rate continued to test the given support.
Note that yellow metal is pressured by the 200-hour moving average, currently located at 1,506.18. Thus, it is unlikely that some upside potential could prevail in the market.
If the given moving averages hold, it is likely that gold could trade sideways against the US Dollar in the nearest future. However, if the given support does not hold, the rate could re-test the lower boundary of the short-term ascending channel located circa 1,487.50.