On Monday, the XAU/USD exchange rate remained to trade below the 1,930.00 level.
It is likely that yellow metal could gain support from the 55-hour SMA near 1,921.00 and trade upwards in the short run. In this case the rate could target the 1,940.00/1,950.00 area.
However, if the 1,930.00 level holds, it is likely that yellow metal could trade sideways against the US Dollar, supported by the monthly PP at 1,909.25.
