XAUUSD (1207.05): Gold prices extended the gains as price action posted a significant rebound of the 1183.30 support. The rebound pushed gold prices above the resistance level of 1197.50. Price action is expected to approach the next main resistance level at 1212.05 eventually. Any declines are expected to stall near 1197.50 which could now act as support. Overall, gold prices are expected to remain within the range for the short term.
