XAUUSD (1318.46): Gold prices advanced to intraday highs of 1326 before easing back. The gains came as gold prices maintained the bullish upside pressure. However, there was a quick reversal off this level as gold prices were seen extending modest declines. Given the fact that price action has stalled near the 1315 – 1321 level, we expect to see a correction to the downside. The lower support at 1280 is likely to be tested in the near term followed by a decline to 1233.50.
