During the previous trading session, the XAU/USD exchange rate raised to the 1,735.00 level. During Monday morning, the rate touched 1,745.00.
It is likely that yellow metal could gain support from the 55-, 100– and 200-hour SMAs, as well the monthly PP in the 1,720.00/1,730.00 range. Thus, the rate could go upwards in the short term.
However, if the exchange rate fails to exceed the 1,745.00 level, it is likely that gold could trade sideways against the US Dollar within the following trading session.