On Wednesday, the XAU/USD exchange rate traded sideways, trying to surpass the support level—the monthly R2 at 1,3333.67.
Given, that gold is also supported by the 55-, 100– and 200-hour moving averages, it is likely, that bulls could prevail in the market in the short term. A possible upside target is the 1,340.00/1,245.00 range.
On the other hand, gold could continue to trade sideways near the given support level against the US Dollar. Also, it is unlikely, that the price for gold could tumble lower than 1,328.00 due to the support of given SMAs.
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