At the end of last week, the XAU/USD exchange rate raised to the 1,920.00 level. During Monday morning, the rate pierced the monthly R3 at 1,936.76.
From the one hand, it is likely that yellow metal is in the overbought area, thus, a reversal south could occur. In this case the rate could gain support from the 55-hour moving average near 1,895.00.
On the other hand, it is likely that gold could trade sideways against the US Dollar near the monthly R3 within the following trading session.
