XAUUSD (1342.35): Gold prices were trading weak yesterday as the intraday rally to test the resistance level at 1354 failed. On the 4-hour chart, the rising trend is currently being breached. A convincing close below the minor rising trend line could signal a move to the downside. Gold prices could be seen testing the lower main support at 1325 level. However, given the ranging conditions in the markets, we expect to see some consolidating taking place. To the upside, further gains can be expected only on a breakout above 1354 level of resistance.
