XAUUSD (1296.03): Gold prices have been trading flat and the rather choppy price action continues to show consolidation below the 1301 level of resistance. With price action breaching the outer trend line of the falling price channel, we expect to see this consolidation continue. However, an upside breakout is imminent closer towards next week’s FOMC and ECB meetings. A breakout above 1304 – 1301 is likely to signal a correction to the upside targeting 1325.
