XAUUSD (1226.09): Gold prices rallied to fresh highs on Mondays before quickly giving up the gains. The retracement could, however, push the price of the precious metal lower. The initial support at 1212.05 – 1207.00 could be tested in the near term if gold prices pullback further. However, the upside bias remains for the moment following the breakout from the ascending triangle pattern. If gold prices fail to post a rebound, we anticipate a flat range to be maintained once again.
