Yesterday, the XAU/USD exchange rate raised to the 1,820.00 level. During Tuesday morning, the rate surpassed the monthly R1 at 1,821.43.
From the one hand, it is likely that some upside potential could prevail in the market, and the price for gold could target the 1,830.00/1,835.00 range.
From the other hand, it is likely that yellow metal could trade sideways against the US Dollar in the 1,8250.00 area in the short term.
Meanwhile, it is unlikely that bears could prevail in the market, and the price for gold could decline below the 1,810.00 area due to the support formed by the 55-, 100– and 200-hour SMAs.
