XAUUSD (1233.25): Gold prices were seen reversing the losses as price action rallied back to retest the breakout level from the falling wedge pattern. With price action trading just below the previous resistance areal of 1242.25 – 1238.00, we expect to see another test of this resistance level. Failure to break past this resistance level would keep gold prices subdued to the downside. The lower support at 1207.00 remains the likely target to the downside in this scenario.
