During previous trading session, the XAU/USD exchange rate traded sideways around the 1,930.00 level. During Monday morning, the rate was testing the 200-hour SMA near 1,952.00.
On the one hand, it is likely that yellow metal could gain support from the 55-hour SMA near 1,940.00. Thus, it is likely that some upside potential could prevail in the market.
On the other hand, the exchange rate could remain under pressure of the 100– and 200-hour SMAs, and trade downwards in the short run. In this case the price for gold could gain support from the monthly PP at 1,907.07.
