On Friday, the XAU/USD exchange rate declined to the 1,520.00 level. During today’s morning, the rate dropped to the 1,480.00 mark.
From the one hand, it is likely that yellow metal could gain support from the monthly S2 at 1,466.10. In this case it is unlikely that the rate could exceed the 55-hour SMA near 1,570.00.
From the other hand, it is likely that gold could continue to depreciate against the US Dollar in the short term. In this case the rate could gain support from the Fibo 38.20% at 1,434.16.
