During Thursday morning, the XAU/USD exchange rate increased to the 1,505.00 level. During today’s morning, the rate was trading at the given level.
Given that yellow metal is supported by the 55-, 100– and 200-hour moving averages, currently located circa 1,500.00, it is likely that bulls could prevail in the market. Important level to look out for is the 1,510.00 mark.
On the other hand, gold could trade sideways against the US Dollar within the following trading session. Also, it is unlikely that moving averages do not hold, and the price for gold could decline lower than the monthly PP at 1,492.35.