On Monday, the XAU/USD exchange rate declined to the 1,540.00 level. During today’s morning, the rate tested the monthly R1 at 1,544.31.

Note that yellow metal is pressured by the 55-, 100– and 200-hour moving averages, currently located circa 1,555.00. Thus, it is likely that the rate could go downwards.

On the other hand, gold could trade sideways around the monthly R1 within the following trading session. Also, it is unlikely that bulls could prevail, and the price for gold could exceed the monthly R2 at 1,570.61.

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