Yesterday, the XAU/USD exchange rate raised to the 1,600.00 level. During Wednesday morning, the rate surpassed the given level.
From the one hand, it is likely that yellow metal could continue to appreciate against the US Dollar in the short term. In this case the exchange rate could reach the 1,620.00 level.
On the other hand, gold could trade sideways against the Greenback in the 1,610.00 area in the short run. Also, it is unlikely that bears could prevail, and the rate could decline below the 55– and 100-hour SMAs in the 1,585.00 area.
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