On Tuesday, the XAU/USD exchange rate failed to surpass the 1,568.00 level. During today’s morning, the rate was trading below the 1,560.00 mark.
Note that yellow metal is supported by the 55-, 100– and 200-hour SMAs, currently located in the 1,553.75/1,558.59 range. Thus, it is likely that the price for gold could go up. It is unlikely that the rate could exceed the R2 at 1,570.61.
On the other hand, gold could trade sideways against the US Dollar around the given moving averages. Also, it is unlikely that bears could prevail in the market, and the rate could decline below the monthly R1 at 1,544.31.
