On Thursday, the XAU/USD exchange rate dropped to the 1,560.00 level. During today’s morning, the rate was trading in the 1,580.00 area.
On the one hand, it is likely that yellow metal could depreciate against the US Dollar in the nearest future. In this case the price for gold could decline below 1,560.00.
On the other hand, it is likely that some upside potential could prevail in the market. Note that the rate would have to surpass the monthly PP at 1,607.96. Also, it is unlikely that the price for gold could exceed 1,640.00 due to the resistance formed by the 100– and 200-hour SMAs.
