On Wednesday, the XAU/USD exchange rate reversed north from the 1,700.00 level. During today’s morning, the rate pierced the 100-hour SMA near 1,721.00.
It is likely that yellow metal could gain support from the 55-hour SMA near 1,715.00 and extend gains against the US Dollar. In this case the rate would have to exceed the 200-hour SMA near 1,733.00.
If the given resistance holds, it is likely that gold could trade sideways against the Greenback within the following trading session. If the given support does not hold, the rate could target the 1,700.00 level.
