XAUUSD (1191.42): Gold prices managed to bounce off the support level at 1183.30. However, we expect the sideways range to continue. The resistance level at 1197.50 is the likely target to the upside. Failure to breakout above this level could see gold prices holding the sideways range for longer. To the downside a failure of the suport could signal further declines. The previous lows at 1170.00 will be the next main target of interest.
