XAUUSD (1246.41): Gold prices attempted to post some gains but price action was seen stalling near the 1247 handle. We expect to see some consolidation taking place at this level. There is however a strong risk that gold price could slip back below the 1242 region. To the upside, price action will need to breakout from the larger descending triangle pattern. This could push gold prices toward the 1258 region. For the momentum, the double bottom and the bullish divergence on the daily chart indicate a possible move to the upside.
