During Monday morning hours, the XAU/USD exchange rate exceeded the monthly PP at 1,909.25.
It is likely that yellow metal could gain support from the 55-, 100– and 200-hour moving averages in the 1,904.00 area. Thus, the price for gold could target the 1,925.00 level.
In the meantime, it is unlikely that bears could prevail in the market, and the exchange rate could tumble below the psychological level at 1,890.00.
