Yesterday, the XAU / USD exchange rate fell to the level of 1,695.00. During Thursday morning, the course turned north to 1,705.00.
On the one hand, there is likely to be some upside potential in the market. In this case, it is unlikely that the price of gold could exceed the 1,720.00 range due to the resistance formed by the 55-, 100- and 200-hour SMAs as well as the monthly PP.
On the other hand, yellow metal is likely to trade sideways against the US dollar in the range of 1,700.00 / 1,710.00 within the following trading session.