XAU/USD Could Consolidate

The XAU/USD exchange rate continued to trade sideways between the psychological level at 1,830.00 and the Fibo 23.60% at 1,860.59.

Given that yellow metal is supported by the 55– and 100-hour SMAs near 1,850.35, it is likely that some upside potential could prevail in the market. The rate could raise to the 200-hour SMA near 1,884.20.

In the meantime, if the given Fibonacci retracement holds, gold could continue to trade sideways against the US Dollar within the following trading session

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