XAUUSD (1218.87): Gold prices are seen consolidating into a triangle pattern near the current support level around the 1219 region. With the divergence on the 4-hour chart building up, we anticipate a possible upside breakout. However, with gold prices closing on a bearish note, there is scope for a downside decline as well. To the upside, a successful breakout could trigger further gains toward the 1242 level. Alternately, a close below 1219 support could send gold prices falling toward the 1200 round support number.
