XAUUSD (1242.08): Gold prices have stayed flat near the 1242.25 level of support. This comes as the consolidation near the top has also formed a bullish flag pattern. A successful breakout to the upside could potentially trigger further strong gains. However, watch for price action near the 1242.25 level. A break down below this level could trigger declines in gold pushing price action to test the lower support at 1228.85 – 1228.00 level where support is most likely to be retested once again.
