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Technical Analysis

XAUUSD Intraday Analysis

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XAUUSD (1293.40): Gold prices turned bearish, and eventually price action was seen slipping to the downside from the rising wedge pattern. With the minor support level at 1296.00 being cleared, the bias remains to the downside as a result. Support is seen at 1275 - 1274 which could be the next downside target. However, in the event of a breakout above 1296.00 level, gold prices could be seen pushing higher. The next target area comes in at 1320.00 resistance level. The current breakdown comes with price action posting an outside bar on the daily session.

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