XAUUSD (1227.68): Gold prices broke out from the rising wedge pattern and fell to test the initial support at 1225.35. This led to a quick rebound in price action. For the moment, gold prices are seen consolidating above this support level. A confirmed break out below this support level is needed for gold prices to extended declines to the 1207.00 region of support. To the upside, any gains are likely to be limited to the resistance level of 1238.02.
