XAUUSD (1271.66): Gold prices continued to push lower last week as price briefly fell close to the 1266 handle in the short term. The current consolidation seen at 1272 level will be crucial for price action in the short term. A convincing close above this level will suggest further upside towards 1285.00. A potential breakout above this level though will shift to the bullish bias in gold prices. The next main resistance level is seen at 1324 – 1320 level.
