During previous trading session, the XAU/USD exchange rate raised to the 1,650.00 level. During Monday morning, the rate jumped to the 1,690.00 mark.
On the one hand, yellow metal could continue to appreciate against the US Dollar in the nearest future. In this case the rate could exceed the psychological level at 1,700.00.
On the other hand, gold could trade sideways against the Greenback in the 1,690.00 area within the following trading session. It is unlikely that bears could prevail, and the rate could drop below 1,635 due to the support—the 55-hour SMA.
