XAUUSD (1193.34): Gold prices closed bearish on Tuesday with the downside breakout likely coinciding with a steep bearish flag pattern. The next main downside target is seen at the support level of 1180.25. On the 4-hour chart, we expect to see a slight retracement back to 1197.50. Establishing resistance here could confirm the downside toward 1180.25. Alternately, if gold prices breakout above 1197.50 further gains can be expected as the bearish flag pattern would be invalidated.
