On Friday, the XAU/USD exchange rate exceeded the 1,740.00 level. During today’s morning, the rate was trading at 1,765.00.
It is likely that yellow metal could face the resistance of the monthly R1 at 1,767.34. If the given level holds, it is likely that a reversal south could occur. In this case it is unlikely that the rate could decline below the 55-hour SMA near 1,737.00.
However, if the given resistance level does not hold, it is likely that some upside potential could prevail in the market in the short term. In this case the price for gold could target the 1,780.00/1,790.00 range.
