XAUUSD (1203.90): Gold prices retreated from a three week high with price action currently posting strong consolidation near the 20-period moving average on the 4-hour chart. Gold prices are likely to extend the short correction toward 1197.50 region to establish support. Forming a base around the support level could potentially pave way for gold prices to target 1219.75. To the downside, a close below the support could push prices lower toward 1180.25.
