XAUUSD (1231.96): Gold prices were seen extending the gains after the doji pattern that was formed last week. After a modest period of consolidation near the 1219 level, gold prices eventually broke back into the falling price channel. With the 4-hour chart signaling a possible hidden bearish divergence, we expect price action to push lower. However, the declines are likely to be limited. To the upside, the major resistance level at 1242 – 1247 is likely to be the upside target.
