On Thursday, the XAU/USD exchange rate skyrocketed to the psychological level at 1,500.00. During today’s morning, the rate reached the 1,505.00 mark.
On the one hand, yellow metal could continue to extend gains against the US Dollar within the following trading session. In this case the exchange rate could target the 1,510.00/1,515.00 range.
On the other hand, gold could consolidate against the US Dollar at the 1,505.00 mark in the nearest future. Also, it is unlikely that bears could prevail in the market, and the price for gold could drop lower than the monthly PP at 1,498.29.
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