On Thursday, the XAU/USD exchange rate advanced to the psychological level at 1,515.00. During today’s morning, the rate was trading near the given level.
It is likely that the price for gold could reach the upper boundary of the medium-term ascending channel at 1,520.00. If the given channel does not hold, a breakout north could occur.
However, if the given channel holds, it is likely that a reversal south could occur in the nearest future. It this case it is unlikely that the price for gold could drop lower than 1,497.00 due to the support formed by the 55-, 100– and 200-hour SMAs, as well the monthly PP.