Yesterday, the XAU/USD exchange rate declined to the support provided by the 100-hour SMA near 1,795.00. During Friday morning, the rate reversed north.

It is likely that yellow metal could gain support from the 55-hour moving average near 1,805.00 and extend gains in the short term. Note that the nearest resistance level—the monthly R1, is located at 1,821.43.

However, if the exchange rate fails to exceed the psychological level at 1,815.00, it is likely that gold could trade sideways against the US Dollar in the nearest future.

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