Yesterday, the XAU/USD exchange rate tried to surpass the resistance formed by the 55-, 100– and 200-hour SMAs located in the 1,502.03/1,508.53 range. During today's morning, the rate was still testing the given resistance.
If the given moving averages hold, it is likely, that bears could prevail in the market in the short term. In this case, it is unlikely, that the price for gold could tumble lower than the monthly R2 at 1,487.41.
If the given moving averages do not hold, yellow metal could extend gains against the US Dollar. However, it is unlikely, that the exchange rate could exceed the monthly R3 at 1,521.59.
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