XAUUSD (1194.03): Gold prices posted gains for two consecutive days after the previous decline to lows of 1160.32. The current rebound is expected to push the price of the precious metal toward the previous support level at 1211.50 to established resistance. Currently, the pace of gains is signaling a near-term correction to the downside. However, following the higher low, gold prices are likely to inch higher toward 1211.50. A break down below the previous lows could, however, signal further weakness in the currency pair.
