On Wednesday, the XAU/USD exchange rate consolidated near the monthly PP at 1,607.96. During today’s morning, the rate maintained its consolidation.

It is likely that yellow metal could gain support from the 55-hour moving average near 1,615.00. Thus, some upside potential could prevail in the market, and the rate could face the resistance level—the monthly R1 at 1,668.23.

On the other hand, it is likely that gold could consolidate against the US Dollar in the nearest future. Also, it is unlikely that bears could prevail, and the rate could decline below the 100-hour SMA near 1,563.84.

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