Yesterday, the XAU/USD exchange rate failed to surpass the 1,655.00 level. During Friday morning, the rate was testing the support formed by the monthly R1 and the 200-hour SMA at 1,628.78.
If the given support holds, it is likely that a reversal north could occur. However, note that yellow metal would have to surpass the resistance provided by the 55– and 100-hour SMAs circa 1,645.00.
If the given support does not hold, it is likely that the price for gold could go downwards in the nearest future. Important level to look out for is the psychological level at 1,600.00.
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