XAUUSD (1221.72): Gold prices formed an outside bar on Tuesday as price action held up near the support level of 1219.75 region. With multiple tests to the support level, gold prices could be potentially forming a bottom in the near term. A rebound off the support near 1219.75 is required to confirm the upside. In the near term, gold prices could maintain the sideways range within 1242.25 resistance and 1219.75 support. A breakout from either of these levels could trigger further gains or losses in the short term.
