Yesterday, the XAU/USD exchange rate tried to surpass the 100-hour SMA near 1,715.00. During Thursday morning, the rate broke the given moving average.
On the one hand, it is likely that some upside potential could prevail in the market, and the price for gold could target the psychological level at 1,730.00.
On the other hand, the rate could reverse south from the 1,720.00 level. Note that yellow metal could gain support from the 55– and 200-hour SMAs, as well the monthly R1 in the 1,705.00 area. If the given support holds, it is likely that gold could consolidate against the Greenback in the short term.
