XAUUSD (1220.43): Gold prices were seen drifting back lower as price action was testing the support level at 1219.74. The retest back to this support level could signal a potential turn around in price. Gold prices continue to consolidate with the ascending triangle pattern likely taking shape. A breakout above the resistance level at 1235.25 is required to post further gains in the near term. Alternately, with the double top pattern being formed, a breakout below 1219.74 support could see gold prices extending the declines lower.
