At the end of last week, the XAU/USD exchange rate raised to the 1,590.00 level. During Monday morning, the rate tumbled to the 1,575.00 mark.
Note that yellow metal is supported by the 100-hour SMA, currently located at 1,576.78. Thus, a reversal north could occur in the nearest future, and the rate could try to surpass the 1,590.00 level.
On the other hand, note that gold is squeezed by the 55– and 200-hour moving averages. If the given SMAs hold, it is likely that yellow metal could consolidate against the Greenback in the short term.
