During previous trading session, the XAU/USD exchange rate tried to surpass the support level formed by the Fibonacci 23.60% retracement at 1,462.89. During Monday morning, the rate continued to test the given support.
From the one hand, it is likely that yellow metal could make a reversal north and extend gains against the Greenback. In this case the rate would have to surpass the monthly S1 at 1,475.18. If the given level holds, it is likely that the rate could consolidate.
On the other hand, note that yellow metal is pressured by the 55-hour moving average, currently located at 1,471.14. Thus, the price for gold could decline within the following trading session
