Yesterday, the XAU/USD exchange rate consolidated around the 1,930.00 level. During Thursday morning, the rate maintained its consolidation.
Given that yellow metal is pressured by the 55-hour moving average near 1,940.00, it is likely that some downside potential could prevail in the market. In this case the rate could decline to the 1,860.00 level.
In the meantime, it is likely that the exchange rate could gain support from the monthly PP at 1,907.07. If the given level holds, it is likely that gold could consolidate against the Greenback.
