Since Friday, the XAU/USD exchange rate has been trading sideways in the 1,950.00 area.
Given that yellow metal is supported by the 55– and 100-hour SMAs near 1,944.00, it is likely that the price for gold could increase in the short term. In this case the rate could face the resistance formed by the 200-hour SMA near 1,992.00.
On the other hand, it is likely that bears could prevail in the market. Note that the exchange rate could gain support from the monthly PP located at 1,907.07.
