On Thursday, the XAU/USD exchange rate tried to surpass the resistance level formed by the monthly S1 and the 200-hour SMA at 1,475.18. During today’s morning, the rate was testing the support formed by the 55– and 100-hour SMAs, as well the Fibo 23.60% at 1,462.89.
If the given support and resistance level holds, it is likely that yellow metal could consolidate against the US Dollar within the following trading session.
If the given support does not hold, it is likely that the price for gold could target the psychological level at 1,450.00.
It is unlikely that bulls could prevail, and the exchange rate could exceed the 1,480.00/1,485.00 area.
