XAUUSD (1282.75): Gold prices maintained the gains yesterday following the decline to the support level at 1275 – 1274 level. In the short term, gold prices might remain supported above this level as price attempts to test the upper resistance near the 1296.50 level. Further gains in gold can be expected on a convincing close above 1296.50 level. In this case, gold prices could be aiming for the 1320 – 1324 level where the next main resistance level resides. To the downside, a breakdown below 1275 – 1274 support will send gold prices lower towards the 1262 handle.
