XAUUSD (1220.60): Gold was consolidating near the resistance level of 1223.50 with price action briefly spiking to post a fresh two week high. However, failure to establish support has pushed the price back below the price level of 1223.50. Currently, the 4-hour 20-period EMA is seen holding the declines. However, a break below the EMA could trigger gold prices to extend declines to the temporary support at 1213.50. As long as this support holds, gold prices could attempt a rebound. Failure to hold the declines at 1213.50 could trigger further declines down to 1204.08.
