XAUUSD (1288.94): Gold prices were showing signs of consolidation which potentially suggests that a short-term bottom might have been formed. Price action is likely to retrace to the upside to test the resistance level at 1304 – 1301 level. Establishing resistance here could potentially signal a downside move in gold prices once again. However, if the previous low near 1286 is not breached, we expect to see gold prices maintaining a range within the current levels.
