XAUUSD (1172.34): Gold prices were seen declining further as prices touched down to fresh lows of 1160 earlier this morning. The sharp pullback off the lows could trigger a short-term rebound in prices. However, with the previously held support level at 1211.50 now likely to turn to resistance, the gains could be limited. To the downside, we expect gold prices to consolidate around the 1160 – 1150 region in the short term.
