On Thursday, the XAU/USD exchange rate traded sideways around the 1,475.00 level. During today’s morning, the rate was trading at the given level.
Note that yellow metal is pressured by the 55– and 100-hour SMAs, as well the monthly PP at 1,476.00. Thus, it is likely that some downside potential could prevail in the market.
Note that the exchange rate could gain support of the 200-hour moving average, currently located at 1,470.95. If the given support holds, it is likely that gold could continue to consolidate against the US Dollar in the short run.
