Yesterday, the XAU/USD exchange rate raised to the 1,740.00 level. During Thursday morning, the rate was trading near the given level.
It is likely that some upside potential could prevail in the market, as gold could gain support from the 55-, 100– and 200-hour SMAs, as well the monthly PP in the 1,707.00/1,722.34 area. In this case the rate could target the 1,745.00/1,755.00 range.
However, if the exchange rate fails to exceed the 1,740.00 level, it is likely that yellow metal could consolidate against the US Dollar within the following trading session.
