XAUUSD (1223.99): Gold prices were seen easing back on the bullish momentum. Price action is currently attempting to retrace some of the losses. However, we expect the minor resistance level at 1225.35 to hold the gains in the short term. A reversal off this level could trigger the downside. Gold prices will most likely fall back to retest the breached resistance level region of 1212.05 – 1207.00 ahead of further gains. Alternately, if price action breaks past 1225.35, then gold prices could be seen resuming the bullish momentum.
