On Friday, the XAU/USD exchange rate jumped to the 1,580.00 level. During Monday morning, the rate was testing the given level.
It is likely that yellow metal could gain support of the monthly R1 at 1,570.61 level and continue to extend gains against the US Dollar in the short term.
However, if the given psychological level holds, it is likely that gold could consolidate against the Greenback within the following trading session.
Also, it is unlikely that bears could prevail in the market, and the rate could drop lower than the monthly R1 at 1,544.31.
