XAUUSD (1187.56): Gold prices turned bearish following the doji candlestick the day before. Although the 4-hour chart currently is signaling a possible bullish reversal, we expect to see gold prices test the 1180.25 level of support. Establishing support here could potentially keep the upside bias intact. The 4-hour falling price is also likely at the risk of price breaking out to the upside. But for this to occur, gold prices will need to form a reversal around 1180.25. To the upside, the resistance level at 1211.50 remains the target.
