XAUUSD (1299.43): The consolidation in gold prices continues as price action remains subdued below the 1300 level. Still, there is scope for gold prices to extend the declines down to 1282 level in the short term. To the upside, gold prices will need to convincingly breakout above the support level at 1300 in order to confirm the upside toward 1325 level of resistance that is pending a retest. The consolidation could break closer to the FOMC and the ECB meetings that are due this week.
