XAUUSD (1315.07): Gold prices consolidated after posting strong gains near the highs. Price action stalled near the highs of 1321 before easing lower. The overall increases stalled near the main resistance level area of 1321 and 1315 level. The daily chart also signals a hidden bearish divergence near these highs indicating a potential move to the downside. However, for the short term, gold prices are likely to remain range bound within the said levels. A close below 1315 is required for gold prices to break down lower to test the 1280 support.
