On Thursday, the XAU/USD exchange rate traded sideways around the monthly R2 located at the 1,333.67 mark.

Note, that the rate is supported by the 55-hour moving average, currently located at the 1,333.27 mark. Thus, it is likely, that bulls could prevail in the market in the short term. A possible upside target is the psychological level at 1,345.00.

From the technical perspective, it is unlikely, that the price for gold could decline, as it is supported by the 100-hour SMA at 1,328.28. However, if the given support does not hold, gold could drop to the monthly R1 at 1,319.79.

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