XAUUSD (1291.60): Gold prices inched higher to test intraday highs of 1295 before easing back. Price action remains flat, and the consolidation could potentially trigger a breakout in the near term. But with the 1280 support holding on any declines could likely stall at this level. Only a break down below 1280 will signal the move to the 1250 handle. As a result, we expect gold to remain trading flat at the current levels with multiple upside retest to the 1295 level. There is scope for gold prices to test the 1300 level to establish resistance.
