XAUUSD (1277.89): Gold prices have remained range bound with price action seen trading sideways within the 1285 resistance level and 1262 support level. The newly plotted falling trend line is also seen being breached with price action briefly testing the trend line on a dip. This suggests some upside momentum. Resistance is seen at 1285 level, and a breakout above this level is essential for gold prices to post further gains. Above 1285 resistance, we can expect gold prices to eventually post a correction towards 1320 – 1324 resistance level.
