XAUUSD (1314.09): Gold prices attempted to post a recovery but price action stalled near the resistance area of 1316. After briefly testing this resistance area, gold prices are currently trading flat. The consolidation could eventually break down lower. The possible bearish flag pattern which looks to be forming below 1316 could see gold prices testing lows of 1297. Alternately, to the upside, the gains face a limit unless gold breaks out above the resistance area of 1321 – 1316 level.
