XAUUSD (1287.42): Gold prices closed with some modest gains on the day although price action remained bearish. This comes after prices declined for four consecutive sessions daily. The technical pattern indicates a near term correction that could take place if there is a bullish follow through to the upside today. However, there is a risk of gold prices testing the support at 1280 more firmly. To the upside, we expect the price level of 1304 – 1305 to be tested for resistance with the potential for a move higher toward the 1320 – 1321 level.
