On Thursday, the XAU/USD exchange rate skyrocketed to the 1,720.00 level. During today’s morning, the rate was trading near the given mark.
On the one hand, it is likely that some upside potential could continue to prevail in the market, and the price for gold could target the psychological level at 1,740.00.
On the other hand, it is likely that yellow metal could trade sideways against the US Dollar in the 1,715.00/1,725.00 area within the following trading session.
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Meanwhile, it is unlikely that bears could prevail in the market, and the exchange rate could decline below 1,702.00 due to the support formed by the 55-, 100– and 200-hour SMAs.
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