XAUUSD (1226.06): Gold has turned rather flat over the past few daily sessions. Price action is seen consolidating near the support/resistance area of 1223.50 for a while now. This could potentially signal a downside bias toward the 1214 level. A retest of this minor support level could renew the upside bias in gold. If gold prices break down below 1214, then we expect to see further declines pushing the precious metal down o 1204.08. For the near term, the upside momentum looks to be fading.
