XAUUSD (1289.87): Gold prices dipped lower from the consolidating triangle pattern formed near the highs. However, the declines are negligible which could keep the amount of the precious metal biased to the upside. The support at 1280 is likely to be tested once again in the near term if the price action remains weak to the downside. There is still a considerable risk that gold prices could rebound to the upside to test the 1300 level which could act as a round number resistance.
