XAUUSD (1186.11): Gold prices fell to fresh yearly lows last week. However, price action managed to pull back from the lows, turning slightly bullish by Friday’s close. Although it is still too premature to expect to see a retracement, watching for a higher low could validate this bias. In the near term, Gold prices could be seen retesting the recently breached support/resistance level at 1219.75 – 1211.50 region. Ahead of the gains, the 1200.00 level of resistance could put a lid on the gains. To the downside, a breakdown below the previous lower close could trigger further declines to 1150.00.
