XAUUSD (1281.86): Gold prices edged higher yesterday as price hit a 3-week high near 1285 region. Price action, however, quickly retreated from these levels. However, the breakout of the trend line and the test of resistance could suggest a short-term consolidation with the potential upside breakout in price. This scenario would potentially turn bullish for gold prices which could see extending the gains towards the next main resistance level of 1320 region. To the downside, price action is limited to testing the previous lows of 1262 for now.
