XAUUSD (1301.94): Gold prices continue to remain consolidating near the resistance of 1304 – 1301 since late last week. This strong consolidation could trigger an upside breakout above the resistance level. A close above 1304 could potentially pave the way for gold prices to post a correction to the next main resistance level at 1325. To the downside, price action looks to be forming a bottom. However, we can expect declines back to the 1282 level where a firm retest of support is still pending.
