On Tuesday, the XAU/USD exchange rate tried to surpass the resistance formed by the 55– and 100-hour SMAs near 1,715.00. During today’s morning, the rate was testing the support formed by the 200-hour SMA and the monthly R1 at 1,705.00.
If the given support holds, it is likely that gold could surpass the given resistance and reach the psychological level at 1,725.00.
However, if the given resistance holds, it is likely that yellow metal could trade sideways against the US Dollar in the short term.
