On Thursday, the XAU/USD exchange rate failed to surpass the 1,585.00 level. During today’s morning, the rate was trading at 1,580.00.
Note that yellow metal could gain support of the 55– and 100-hour moving averages, currently located circa 1,575.00. Thus, the price for gold could try to surpass the 1,585.00 level.
On the other hand, gold could trade sideways against the US Dollar in the 1,580.00 area in the short term. Also, it is unlikely that bears could prevail in the market, and the rate could decline below the 200-hour SMA at 1,568.68.
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