On Friday, the XAU/USD exchange rate raised to the 1,575.00 level. During today’s morning, the rate jumped to the 1,585.00 mark.
On the one hand, bulls could continue to prevail in the market within the following trading session. In this case the price for gold could exceed the 1,590.00 mark.
On the other hand, yellow metal could consolidate against the UD Dollar in the 1,580.00 area in the short term.
It is unlikely that bulls could prevail, and the exchange rate could drop below 1,558.35/1,565.58 range due to the support cluster formed by the 55-, 100– and 200-hour SMAs.
