XAUUSD (1205.52): Gold prices continue to consolidate above 1197.50 level of support. Price action remains broadly muted at this level. With gold trading above 1197.50, the sideways range is expected to continue. The upside resistance at 1219.75 is likely to cap any further gains. To the downside, we expect the support at 1197.50 to hold in the near term. A decline below this level could, however, post further losses pushing gold prices down to 1183.30 support.
