XAUUSD (1234.73): Gold prices posted strong gains as price action briefly touched the 1242.25 level of resistance. However, as price briefly retested this resistance level, we expect to see a firm close near 1242.25. To the downside, we expect the support at 1227.10 to be tested. As a result, it is ideal to look for short positions around the 1242.25 level as gold prices could start a correction lower. Below 1227.10, further declines could push gold prices down to the previous support at 1217.99
