Forex: XAU/USD could go upside

Yesterday, the XAU/USD exchange rate dropped to the lower boundary of the short-term ascending channel at 1,280.00. During today’s morning, the rate reversed north.

Given that gold is supported by the 55-, 100– and 200-hour SMAs, currently located in the 1,280.75/1,283.85 range, it is likely, that bulls could prevail in the market. However, the rate has to surpass the monthly PP at 1,287.27.

If the given resistance level holds, it is expected, that the price for gold could trade sideways around the psychological level at the 1,285.00 mark.