XAUUSD (1198.62): Gold prices were seen trading subdued. Price action managed to hold out near the support level offering a modest bounce in price action. Gold prices could be seen maintaining the sideways range within 1212.20 – 1196.00 region in the short term. A breakout from this level is required to establish the near-term direction. There is a risk of the precious metal failing at the support. This could push gold prices lower to 1186.15 region.
