XAUUSD (1232.30): Gold prices posted modest declines, but price action quickly recovered towards the closing session on Thursday. The consolidation is currently forming into a rising wedge pattern. Gold prices will need to break out from the lower rising trend line in order to validate this pattern. The lower support at 1225.35 will be the immediate target to the downside. A break down below this level could trigger further declines to the 1207.00 region.
