XAU/USD Analysis: might consolidate

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On Thursday, the XAU/USD exchange rate traded sideways around the 1,576.00 level. During today’s morning, the rate continued to trade at the given level.

On the one hand, yellow metal could gain support of the monthly PP at 1,573.09 and extend gains against the US Dollar in the short term. In this case the price for gold could exceed the 1,580.00 level.

On the other hand, gold could continue to consolidate against the Greenback around the 1,576.00 level in the short run. Also, it is unlikely that bears could prevail, and the rate could decline below the 200-hour SMA near 1,568.00.