Yesterday, the XAU/USD exchange rate raised to the 1,620.00 level. During Friday morning, the rate jumped to the 1,635.00 mark.
It is likely that yellow metal could gain support of the monthly R1 at 1,628.78 and continue to extend gains against the US Dollar in the short term. In this case the rate could target the 1,650.00 level.
On the other hand, gold could trade sideways against the Greenback in the 1,635.00 area in the short run. Also, it is unlikely that bears could prevail, and the price for gold could decline below the 55-hour SMA near 1,615.00.
