XAUUSD (1251.26): Gold prices were seen posting a rebound after price action was seen consolidating near the lower trend line of the falling price channel. Still, the overall momentum remains weak and biased to the downside. The immediate resistance level near 1263 region is unlikely to be tested in the near term but remains a possibility. For the short term, a temporary bottom has been formed near the 1247 region. As long as prices hold above this level we expect to see gold prices moving in a sideways range.
