XAUUSD (1297.40): Gold prices eased on the day as price action was seen drifting lower. However, the higher low that was formed is likely to signal a possible breakout above 1304 – 1301 level of resistance. Currently, gold prices are seen testing the dynamic resistance off the falling price channel. The downside is expected to be limited but another retest of support at 1282 cannot be ruled out. Overall, gold prices are looking to form a bottom around the 1282 level ahead of an upside breakout that is in store.
