XAUUSD (1211.37): Gold prices bounced higher on the day as price action managed to clear the support/resistance area of 1204.08. If there is a decline, we expect the price to stall at 1204.08 where resistance can be established more firmly. To the upside, the immediate upside can be seen targeting 1223.50. Clearing this level will pave the way for further gains to the upside with the next level at 1238.00 coming into focus. If the support fails to hold the decline as 1204.08, then we expect to see consolidation continue with the risk of a downside breakout pushing prices even lower.
