XAUUSD (1243.21): Gold prices were seen posting declines on the day as price touched fresh intraday lows of 1240.81. The recovery in the declines saw gold prices trading back near the price level of 1242. A breakout above this level is required to confirm the upside momentum that could be building up. Failure to close above 1247 could however trigger further gains that could push the price of spot gold toward the 1258 handle. To the downside, we expect to see price action consolidating at the current levels.
