XAUUSD (1222.26): Gold was trading flat on Monday as price action closed with a near doji pattern. This potentially indicates exhaustion to the rally seen last week. The 4-hour Stochastics oscillator is also pointing to a correction. This comes as price struggles near the resistance area of 1224 – 1223 region. A correction to the downside could push gold prices lower toward the initial support level of 1213.50. A break down below this level could further push gold toward the previously established resistance level of 1204.10 which could be tested for support.
