On Tuesday, the XAU/USD exchange rate extended gains slightly. During today’s morning, the rate was trading at the 1,553.00 mark.

Given that yellow metal is pressured by the 55– and 100-hour moving averages, it is likely that bulls could prevail in the market. In this case it is unlikely that the price for gold could exceed the monthly R2 at 1,570.61.

However, note that the exchange rate is pressured by the 200-hour SMA. If the given resistance holds, a reversal south could occur in the nearest future. In this case the price for gold could decline below 1,535.00.

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