XAUUSD (1199.90): Gold prices continue to consolidate above 1197.50 support. Price action is, however, pointing to a potential correction to the downside if the support fails. The descending triangle pattern also validates this view. The downside target is seen around the 1180.25 level following the breakout from the rising price channel. A correction toward the 1180.25 region could spell a retest of the support level with gold prices likely to stay in a range within 1197.50 and 1180.25.
