Yesterday, the XAU/USD exchange rate raised to the 1,815.00 level. During Thursday morning, the rate tested the given level.

It is likely that yellow metal could face the resistance formed by the monthly R1 at 1,821.43. Thus, a reversal south could occur in the nearest future. In this case the rate could gain support from the 55-, 100– and 200-hour SMAs in the 1,781.00/1,799.00 area.

Meanwhile, note that the exchange rate could gain support at the 1,805.00 level. Thus, it is likely that gold could trade sideways against the Greenback in the short term.

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