On Wednesday, the XAU/USD exchange rate failed to surpass the 1,600.00 level. During today’s morning, the rate was trading at the 1,590.00 mark.
It is likely that yellow metal could remain under pressure of the 55-hour SMA near 1,590.00 and depreciate against the US Dollar in the nearest future
However, note that the exchange rate could gain support from the monthly PP at 1,577.89. If the given level holds, the price for gold could consolidate in the short run.
