XAUUSD (1321.59): Gold prices were seen establishing a bottom near the 1316 levels on Friday before price attempted to push higher. The breakout from the descending wedge pattern could trigger a shortterm rally to the resistance level of 1325. However, further gains can be expected only on a strong breakout above this resistance level. In such an event, the upside target in gold prices could extend to the 1337 level where the previously breached support level could be tested for resistance. To the downside, a breakdown below the 1316 levels could potentially trigger a sell off to the 1300.00 round number support.
