During previous trading session, the XAU/USD exchange rate consolidated in the 1,500.00 area. During Monday morning, the rate maintained its consolidation.
It is likely that yellow metal could gain support from the 55-hour SMA and extend gains against the US Dollar in the short term. In this case the rate could face the resistance level—the monthly S1 at 1,526.37.
On the other hand, the exchange rate could be pushed down by the 100-hour moving average to the support level—the monthly S2, located at 1,466.07. If the given support holds, the rate could consolidate.
