XAUUSD (1209.16): Price action in Gold is expected to eventually target the 1219.75 level of resistance. The strong gains, however, expose the precious metal to a potential dip toward 1197.50. Establishing support at this level could signal a continuation to the upside. However, in the event that gold prices break down below the support level, we expect to see price action testing the lower support at 1180.75. To the upside, a breakout above 1219.75 will see further gains extending toward 1242.25.
