XAUUSD (1232.68): Gold prices rallied to the resistance area of 1242.25 – 1238.00 level on Friday before easing back. The strong selling at this level pushed gold prices lower, but the consolidation within the rising wedge pattern remains. We expect to see a potential downside breakout in gold. A close below 1225.35 support level could trigger a decline to 1207.00 level. To the upside, gold prices will need to break past the resistance area to post any further gains.
