Yesterday, the XAU/USD exchange rate reversed north from the monthly PP at 1,907.07. During Friday morning, the rate was trading at 1,950.00.
From the one hand, it is likely that yellow metal could gain support from the 55-hour SMA near 1,934.00 and extend gains against the US Dollar in the short run. Note that the rate would have to surpass the 200-hour SMA near 1,995.00.
On the other hand, it is likely that the exchange rate could remain under pressure of the 100-hour SMA near 1,963.00. Thus, it is likely that gold could consolidate against the Greenback.
