XAUUSD (1298.58): Gold prices were seen easing back following the test of resistance near 1304 – 1301 level. The reversal off this resistance level is expected to push gold prices to the downside. With the consolidation taking place, as long as the previous lows of 1282 are not breached, we expect to see gold prices staying subdued. A breakout above 1304 is needed in order for further gains to be posted. In the near term however, gold prices could remain range bound at the current price levels.
