Yesterday, the XAU/USD exchange rate declined to the 55-hour SMA located near 1,650.00. During Tuesday morning, the rate tried to surpass the 100-hour SMA near 1,635.00.
On the one hand, yellow metal could gain support of the 100-hour SMA and trade upwards within the following trading session. In this case the rate would have to surpass the monthly R2 at 1,667.43.
On the other hand, gold could remain under pressure of the 55-hour SMA and trade sideways against the Greenback in the short term. Also, it is unlikely that bears could prevail, and the rate could decline below 200-hour SMA near 1,610.00.
