On Thursday, the XAU/USD exchange rate traded sideways at the 1,475.00 level. During today’s morning, the rate continued to consolidate at the given level.
Given that yellow metal is supported by the 100-hour moving average at 1,471.91, it is likely that some upside potential could prevail in the market. In this case the rate could re-test the upper boundary of the medium-term ascending channel.
However, note that the exchange rate is pressured by the 55-hour moving average. Thus, gold could consolidate against the Greenback in the short term. Also, it is unlikely that some downside potential could prevail, and the price for gold could drop lower than the 200-hour SMA at 1,464.80.
