On Thursday, the XAU/USD exchange rate tried to surpass the 1,568.00 level. During today’s morning, the rate was trading at 1,562.00.
Note that yellow metal is supported by the 55– and 100-hour moving averages, currently located at 1,559.00. Thus, it is likely that some upside potential could prevail in the market. It is unlikely that the rate could exceed the monthly R2 at 1,570.61.
On the other hand, gold could trade sideways against the US Dollar within the following trading session. Also, it is unlikely that the rate could breach the rising wedge pattern south due to the support provided by the 200-hour SMA.