XAUUSD (1227.54): Gold prices turned higher towards the closing session on Thursday as price action was seen attempting to recover most of the losses from the previous day. Following the rally to 1225.35, gold prices are somewhat trading in a range. To the upside, the next main resistance is seen at 1238.00 – 1242.25 level. We expect the momentum to keep the prices biased to the upside for a retest of this level as resistance which previously served as support.
