XAUUSD (1275.48): Gold prices managed to post a modest rally as price cleared the minor support/resistance level of 1272. Having cleared this level, we could expect to see further gains that could push price towards the 1285 handle. However, in the medium term, the outlook for gold prices remains flat. A close above 1285 will be required in order to push prices higher towards the 1320 – 1324 region. To the downside, if price continues to consolidate near the 1272 level, we could expect to see a short term decline towards 1262.
