XAUUSD (1193.87): Gold prices are moving back into a consolidation phase. The 4-hour chart signals the consolidation with the triangle pattern. Price action has been hovering around the 1197.50 level for the past few weeks. The downside support is seen at 1183.30 while to the upside, the resistance level at 1219.75 remains open. However, with the strong consolidation, gold prices are expected to maintain the range. A clear breakout above 1197.50 is required for the upside target of 1219.75 to be reached while the downside support at 1183.30 could hold the declines in the near term.
