XAUUSD (1302.55): Gold prices rallied to the psychological level of $1300.00 an ounce on Friday. Price action remains trading within the steep rising wedge pattern which could suggest a downside break down in prices. However, with price trading above the minor support level of 1296, we could expect the near-term declines to stall at this level. A breakdown below 1296 is neededin order for gold prices to post a correction towards the 1275 – 1274 level of support.
