XAUUSD (1311.62): Gold prices gave up the modest gains logged in the previous day as price action was seen falling back to the support level of 1311 – 1307 region. We expect prices to remain consolidating at this support level. A rebound in gold prices could signal a possible move to the upside. The resistance level at 1325 is likely to be the upside target, unless gold prices breach the current support. A break down below the support level could send gold prices falling toward the 1300 level.
