On Wednesday, the XAU/USD exchange rate consolidated at the 1,650.00 level. During today’s morning, the rate raised to the 1,660.00 mark.

Given that yellow metal is supported by the 55-hour moving average near 1,652.00, it is likely that some upside potential could prevail in the market. In this case the rate could exceed the 1,680.00 mark.

However, if the rate fails to exceed the 1,670.00 level, it is likely that gold could continue to consolidate against the US Dollar in the short run.

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Also, it is unlikely that some downside potential could prevail, and the price for gold could drop below the 200-hour SMA near 1,623.00.

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