During previous trading session, the XAU/USD exchange rate declined to the 100-hour SMA near 2,020.00. During Monday morning, the rate was testing the given moving average.

If the predetermined support holds, it is likely that some upside potential could prevail in the market. Note that the rate would have to surpass the 55-hour SMA and the monthly R1 in the 2,050.00 area.

If the given resistance holds, it is likely that yellow metal could trade sideways against the US Dollar in the short run. Otherwise, the price for gold could re-test the 2,070.00 mark.

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