Yesterday the XAU/USD exchange rate consolidated at the monthly PP at 1,492.35. During Thursday morning, the rate reversed south and surpassed 1,500.00.
Given that yellow metal is supported by the 55– and 100-hour SMAs, currently located at 1,492.37 and 1.500.33 respectively, it is likely that some upside potential could prevail. However, it is unlikely, that the price for gold could exceed the 200-hour SMA at 1,517.21.
On the other hand, yellow metal could trade sideways against the US Dollar in the 1,505.00/1,515.00 area within the following trading session. It is unlikely, that bears could prevail, and the rate could drop lower that the given monthly PP.