Yesterday, the XAU/USD exchange rate traded sideways around the 1,940.00 level. During Tuesday morning, the rate was trading below 1,930.00.
Given that yellow metal is pressured by the 55-, 100– and 200-hour moving averages in the 1,937.00/1,954.00 area, it is likely some downside potential could prevail in the market.
In the meantime, note 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 US Dollar in the short run.
