XAU/USD Skyrocketed To 1,950.00

Yesterday, the XAU/USD exchange rate skyrocketed to the 1,950.00 level.

From the one hand, it is likely that some upside potential could continue to prevail in the market within the following trading session.

From the other hand, the exchnage rate could reverse south in the short term. In this case it is unlikely that the price for gold could decline below the 1,898.00/1,920.00 range due to the support provided by the 55-, 100– and 200-hour SMAs.