On Thursday, the XAU/USD exchange rate exceeded the monthly R1 at 1,668.23. During today’s morning, the rate was trading in the 1,680.00 area.

On 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 rate could exceed the psychological level at 1,700.00.

On the other hand, gold, supported by the monthly R1, could continue to trade sideways against the Greenback. It is unlikely that bears could prevail, and the rate could decline below 1,635.00 due to support provided by the 100– and 200-hour SMA.

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