XAUUSD (1227.26): Gold prices were seen to be gradually extending the gains after price action managed to clear the resistance area of 1223.50 rather strongly. The close above this level signals potential rally toward 1238.00 level. This marks a retest of the resistance area. Failure to maintain the gains could, however, keep gold subdued to the downside. The initial minor support at 1213.50 remains a key level of interest. A break down below this level could trigger further declines down to 1204.00 level of support.
