During Tuesday, the XAU/USD exchange rate traded sideways in the 1,500.00/1,505.00 area. During today’s morning, the rate maintained its consolidation.
Given that gold is supported by the 55-, 100– and 200-hour SMAs, currently located circa 1,501.00, it is likely that the price for the commodity could go up. A possible upside target is the psychological level at 1,510.00.
On the other hand, yellow metal could continue to trade sideways against the US Dollar in the nearest future. Also, it is unlikely that the rate could decline lower than 1,488.00 due to the support of the lower line of the short-term ascending channel.