XAUUSD (1278.13): Gold prices remain range bound as price action continues to consolidate within the resistance level of 1285 and support near 1274.70. This sideways range could see a short term breakout in either direction which could set the next leg in the short-term trend. Below 1274.70, gold prices are at risk of declining back to 1262.83 where the previous support level exists. While to the upside, a convincing close above 1285 is requiredin order forprice to set the stage for a rally towards the 1320 region. We currently notice a potential ascending triangle pattern that is taking shape which puts the bias to the upside.
