XAUUSD (1220.00): Gold prices advanced strongly on Friday. After breaking the local high of 1213.50, gold prices closed near the resistance area of 1223.50. This resulted in a brief pullback. As long as the pullback is limited, we expect gold prices to clear the resistance level. To the downside, the recently breached local highs near 1213.50 will likely act as support. This could potentially keep gold prices biased to the downside. But a break down below this level could push the price of precious metal down to 1204.08 level.
