XAUUSD (1192.94): Gold was trading flat on Friday. Despite the previous attempt to break above 1197.50 the precious metal gradually gave up the gains. The 20-period EMA on the 4-hour chart is flat indicating the sideways price action. However, the daily chart is signaling a potential bearish flag pattern. With the recent bounce failing to test new highs, the precious metal could be seen heading lower. Watch for the retest of support at 1183.30 region in the short term.
