XAUUSD (1320.61): Gold prices rallied to test the resistance level at 1325 last week by Friday’s close. However, this quickly resulted in prices easing back strongly. The near-term range is likely established within 1325 resistance and 1311 support. A breakout off this level is required to establish further direction. In the near term, we expect gold prices to potentially push lower but price action could be support back near 1311. This is seen from the hidden bearish divergence on the 4-hour Stochastics as well.
