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XAU/USD Analysis: Supported By 55-Hour SMA

Yesterday, the XAU/USD exchange rate tried to exceed the 1,970.00 level. During Thursday morning, the rate was testing the support provided by the 55-hour SMA near 1,955.00.

If the given moving average holds, it is likely that some upside potential could prevail in the market. In this case the price for gold could target the 2,000.00 level.

Meanwhile, if the rate fails to exceed the 1,970.00 mark, it is likely that yellow metal could consolidate against the Greenback in the short run.

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