Yesterday, the XAU/USD exchange rate raised to the 1,670.00 level. During Tuesday morning, the rate was trading at 1,660.00.
From the one hand, it is likely that bulls could continue to prevail in the market, and gold could appreciate against the US Dollar. In this case the rate could target the 1,690.00 level.
From the other hand, it is likely that yellow metal could consolidate against the Greenback in the 1,660.00 area within the following trading session.
Also, it is unlikely that bears could prevail in the market, and the price for gold could drop below the support formed by the 100– and 200-hour SMAs near 1,617.00.
