Price action in XAUUSD finally saw prices reclaiming the resistance area of 1654.
Following the gains to this level, gold is leveling off. We expect some consolidation to take place.
But given the Stochastics positioning, we could expect further gains in the near term. The next upside target is near the previous highs of 1699.
To the downside, watch for a possible breakout of the minor rising trend line. This could signal a move back to the previous support level of 1594.
