XAU/USD Trades Near 1,960.00

During today’s morning hours, the XAU/USD raised to the 1,960.00 mark.

It is likely that the yellow metal could continue to extend gains against the US Dollar, as it is supported by the 55-hour moving average near 1,942.00. The rate could target the 1,980.00/2,000.00 range.

In the meantime, it is unlikely that bears could prevail in the market, and the price for gold could drop below the 1,900.00/1,920.00 area due to the support provided by the 100– and 200-hour SMAs.