XAUUSD (1294.44): Gold prices continue to remain volatile although price action has managed to clear the resistance level of 1285. We expect this ranging phase to continue with another retest of 1285 where support could be formed. On the upside, the target towards the 1300 level remains in focus. Gold prices could be seen edging closer to this level in the near term. However, there is a risk of price posting a correction. Unless the support at 1285 fails to hold price, we can expect gold prices slipping below this level.
