On Wednesday, the XAU/USD exchange rate traded sideways around the 1,555.00 level. During today's morning, the rate maintained its consolidation.
Note that yellow metal is squeezed by the 55-, 100– and 200-hour SMAs, located at 1,551.00 and 1,558.56 respectively. Thus, gold could continue to trade sideways against the US Dollar in the short run.
It is unlikely that bulls could prevail in the market, and the price for gold could exceed the monthly R2 at 1,570.61. Also, it is unlikely that the exchange rate could decline below the monthly R1 at 1,544.31.
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