XAUUSD (1292.05): Gold prices have turned flat in the near term following the strong declines previously. With prices trading near the 1292 – 1300 region we expect to see a near term consolidation. The daily price action has resulted in a doji candlestick pattern being formed near the current lows. There is a possibility for gold prices to briefly retrace the losses. However, any gains are likely to be limited to the 1311 – 1307 level of resistance in the near term. A break down from the current lows at 1292 could signal a move toward the 1250 region of support.
