On Tuesday, the XAU/USD exchange rate advanced to the 1,480.00 level. During today’s morning tested the 1,485.00 level.
It is likely that yellow metal could gain support of the monthly PP at the 1,475.51 mark and continue to extend gains against the US Dollar. In this case the rate could target the psychological level at 1,490.00.
On the other hand, gold could trade sideways against the US Dollar at the 1,480.00 mark within the following trading session. Also, it is unlikely that bears could prevail, and the rate could drop lower than the Fibo 23.60% at 1,462.89.
