XAUUSD (1196.56): Gold prices continue the consolidation with the 20-period moving average on the 4-hour chart holding the declines for the moment. We expect the sideways price action in gold prices to continue. The resistance level at 1212.05 remains the upside target that could be tested. To the downside, a break down below the 20-period EMA could signal a retest back to the 1193.40 region. In the near term, gold prices are likely to maintain the ranging price action.
