XAUUSD (1296.37): Gold prices are seen attempting to rally after clearing the resistance level of 1290 – 1288. Further upside in the price action could keep gold prices on track to test the next major resistance level that comes in at 1324 – 1320 region. However, the recent gains in gold prices off the lower support at 12262 signals a possible ascending wedge pattern. A potential breakout from this level, below 1288 – 1290 could signal a downside breakdown in prices. This will bring gold prices back to the 1275 – 1273 support and eventually towards 1262 support to complete the downside correction.
