Yesterday, the XAU/USD exchange rate raised to the 1,870.00 level. During Thursday morning, the rate exceeded 1,880.00.
From the one hand, it is likely that yellow metal is in the overbought zone, as it trades far above the 55-, 100– and 200-hour moving averages. Thus, it is likely that a reversal south could occur.
Meanwhile, note that gold could gain support from the monthly R2 located at 1,861.52. If the given support holds, it is likely that gold could consolidate against the Greenback in the short run.
