On Monday, the XAU/USD exchange rate tried to tested the Fibo 23.60% at 1,462.89. During today’s morning, the rate jumped to the 1,470.00 level.
On the one hand, yellow metal could continue to appreciate against the US Dollar within the following trading session. Important level to look out for is the monthly PP at 1,475.51.
On the other hand, gold could consolidate against the Greenback at the 1,470.00 level in the short term. Also, it is unlikely that bears could prevail, and the price for gold could drop lower than the 1,460.00 area due to the support of 55-, 100– and 200-hour SMAs.