XAUUSD (1301.80): Gold prices posted modest gains but price action is seen stuck near the resistance level of 1304 – 1301 region. This potentially points to a decline in price action. The lower support at 1282 remains a likely downside target. However, gold prices could remain range bound within the mentioned levels for a considerable period of time. The sideways price action also indicates that gold prices might be forming a bottom. A breakout above 1304 and a potential retest of this level to establish support could confirm the upside in gold prices.
