XAUUSD (1224.67): Gold prices settled near the support/resistance area of 1223.50. Price action is seen showing signs of exhaustion to the upside. This could potentially increase the risk of a decline to the minor support level of 1213.55. A reversal off this support level could once again revive the bullish momentum. However, failure to hold the declines could push gold prices lower to the next support level of 1204.08. To the upside, gold prices could still be aiming for the next resistance level at 1238.00.
