XAUUSD (1292.55): Gold prices were seen slipping back to test the support at 1290 levels. We can expect some consolidation to take place within the 1300 and 1290 levels in the near term. An upside breakout can be expected off this major support zone that will put gold prices on track to test the 1324 – 1320 levels. A breakout above this resistance will see gold prices rallying to eventually fill the gap from a few weeks ago at 1345 level of resistance. To the downside, in the event that gold prices slip below 1290, a breach of this support could send gold prices lower towards the 1270 – 1260 support.
